The Diamond Podcast for Financial Advisors

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

A conversation between Joseph Eschleman, President of Towerpoint Wealth, LLC and Special Guest Host Louis Diamond. The freedom to creatively market to clients is one of the primary goals of most breakaway advisors. Because to create a unique brand, messaging and voice just isn’t possible as an employee advisor. In speaking with many independent advisors during this crisis, it is this ability to freely communicate – nimbly and without restrictions – that has proven to be pivotal in strengthening relationships with clients. And the bonus is that many of these advisors are using their voices and messaging to expand their reach to prospects as well. Our guest in this episode is a firm believer in the power of marketing. In fact, while he felt he had been given much of what he needed to grow his business in the brokerage world, a critical aspect that he said was missing was the ability to market and communicate in unique and innovative ways. So in 2017, Joe Eschleman, left Wells Fargo with the help of Dynasty Financial Partners and launched Sacramento-based Towerpoint Wealth. And the COVID-19 crisis has since opened his eyes to the real potential that the freedom to communicate allowed him. In this episode, Louis Diamond talks with Joe about his breakaway journey and life as an independent business owner, including: - The key drivers that inspired him to leave Wells Fargo—and why he felt independence was the right next step. - His experience in managing the 2008 financial crisis as an employee—and how that differed from navigating this crisis as an independent firm owner. - The value of the “triangulation of advice” for clients—and how that concept made the transition from a big brand a “non-issue” for his clients. - The role marketing plays in his firm’s growth—and how it helped Joe and his team maintain a continuity of voice with his clients and also reach prospects. - Why he chose to go independent with Dynasty Financial Partners—and how a firm like Dynasty adds value to an RIA like Towerpoint. As Joe so aptly shares, “If your value proposition is based on pie charts and performance, clients will see right through that, especially in times of crisis.” The ability to fully engage with clients and prospects – freely and creatively – is what many advisors find to be one of the most attractive benefits of independence. And in Joe’s case, a true differentiator. For more information about this episode, plus related resources, visit: https://www.diamond-consultants.com/wells-fargo-breakaway-thriving-during-covid-19-crisis

The Post-Crisis World for Financial Advisors: 10 Predictions

There’s a new wave of evolution coming in the post-crisis world which we expect will impact advisors no matter where they work. The good news is much of these changes will be for the better. The onslaught of COVID-19 has given advisors a new lens through which to view and evaluate their business lives and the firms they work for—that is, the lens of crisis. In an industry that was already in the midst of great change, there are 10 key areas that are expected to further evolve as the crisis passes. In this special episode, Mindy Diamond shares her expectations for the post-crisis world, including: - Which advisors will move, where they will go—and why. - What transition deals will look like—and which firms may be offering the best ones. - Why advisors may hasten retirement plans—and how that could impact movement. - What the impact of the crisis may be on the movement toward independence—and how that will drive further change in the space. - How teams may become an even more important facet of the wirehouse world—and how that could affect the individual advisors. - How working from home has left an imprint on advisors—and why that will drive changes to expectations from advisors and their clients going forward. Plus, Mindy shares the threshold questions advisors should ask themselves as they look back on this experience—and how the answers will help define their business lives going forward. It’s an episode that gives advisors a glimpse into what the wealth management world will look like going forward—and the good news is, as Mindy shares, much of the changes will be for the better. For more information on this episode, plus links to other resources visit: https://www.diamond-consultants.com/post-crisis-world-financial-advisors-10-predictions/

The Real Truth About Business Ownership from a $600M Ex-Morgan Stanley Advisor

A conversation with Lee Korn, Principal of RIA firm Opal Wealth Advisors. When Lee Korn and his partners left Morgan Stanley in January of 2019 to launch their independent firm Opal Wealth Advisors, the thought of managing through an unprecedented health and financial crisis wasn’t even on his radar. And that’s a good thing—because as he shares, pulling together all the moving parts that go into building a firm is a task that takes time, energy and a good amount of learning as you go. So with over a year of building a solid infrastructure, Lee and his team can remain focused on what’s most important right now: Communication with their clients. And as independents, they can do so without the constraints they felt as employees—now having the ability to deploy messages quickly and creatively, a benefit they are realizing particularly through this crisis. In this episode, Lee talks about working through the crisis—but it’s his discussion around his recent journey to independence that’s most compelling, including: - What key drivers propelled Lee and his partners to build their own firm—and the options they considered before choosing to take the RIA path. - The threshold questions they asked themselves when considering their leap—and the one important question they asked of each other afterward. - The 2 years of planning they undertook before making the leap—and the team of consultants they pulled together to help them define their strategy. - How they decided upon a single custodian vs opting to go multi-custodial—and what he sees as the real value a custodian provides. - The importance of “speed to market”—and how that’s something they could not achieve as employees of Morgan Stanley. With just over a year of hindsight, Lee is able to share an honest and concise roadmap for the independent journey. As he shares, “Launching your own business is not for the faint of heart.” Yet it’s apparent from this conversation that Lee and his team embarked on this journey with a great deal of heart—and it’s that which will drive them towards success well into the future. For more information about this episode, plus related resources, visit: https://www.diamond-consultants.com/the-real-truth-about-business-ownership-from-ex-morgan-stanley-advisor

How the Freedom to Communicate During a Crisis and Beyond Translated to 4x Growth for this ex-Morgan Stanley Team

A conversation with David Bahnsen, Founder and Managing Partner of The Bahnsen Group. A sudden bull market downturn driven by an insidious virus has left every advisor looking for novel ways to maintain continuity while providing value to clients. In such unprecedented circumstances, the freedom to be creative and follow one’s instincts – without being confined by a larger corporate agenda – has enabled many in the independent space to seize opportunities unavailable to their counterparts in the brokerage world. So what are the things that independent advisors are doing differently? To answer that question and share his own unique breakaway journey, David Bahnsen, Founder and Managing Partner of Newport Beach, CA based The Bahnsen Group, joins the show. David and his firm serve as the quintessential example of how independence has paved the way toward an astounding level of success—and weather this storm in ways he says that he could not have as an employee advisor. In this episode, David talks about the pushes and pulls toward independence, and ultimately why he feels he’s in the best place to grow his business and serve his clients, including: - How he and his team are navigating these unprecedented times—and how his experience in the 2008 crisis serves to inform their process today. - How clients are reacting to the crisis—and how his firm’s philosophy of reinforcing “evergreen behavioral principles” has helped clients develop a higher level of trust. - How the ability to be creative and authentic in marketing and communications is critical—and how that freedom has impacted his growth over the years. - What he sees as the pros and cons of being an independent business owner—and what he anticipates the impact of the crisis will be on his business and the space once the dust settles. As David so aptly shares, “A crisis is not supposed to be a time to formulate your philosophy; it’s supposed to be a time to live out your philosophy.” The freedom, flexibility and control that independence has afforded his business has certainly translated into extraordinary success—and provided a template for how best to navigate a crisis and manage a thriving advisory practice, regardless of market conditions. For more information about this episode, please links to other resources visit: https://www.diamond-consultants.com/freedom-to-communicate-during-a-crisis-and-beyond-translated-to-4x-growth-ex-morgan-stanley

The Real Impact of the Crisis on Valuations and the Independent Space as a Whole

A Conversation with Matt Crow, President of Valuation Firm Mercer Capital. M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities. But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall. Matt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including: - How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity. - Who the most active buyers and sellers are now—and those he expects will be going forward. - What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes. Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value. While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.” It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from. Learn more about this episode at https://www.diamond-consultants.com/the-real-impact-of-the-crisis-on-valuations-and-the-independent-space-as-a-whole

A Lawyer’s Advice on How to Protect Your Business Now and Into the Future

A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York law firm Ellenoff, Grossman & Schole, LLP. It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative. With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.) He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times. In this episode, David shares his experiences, including: - Understanding the risks that advisors and firms are currently facing—and how to avoid them. - The role of communication—and what’s most important to focus on with clients right now. - The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms. - What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time. - How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available. As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future. For more information on this episode and resources related to this topic, visit: https://www.diamond-consultants.com/lawyers-advice-on-how-to-protect-your-business-now-and-into-the-future/

How to Add Value at a Time When it’s Needed Most

A conversation with speaker and co-author of The Go-Giver series, Bob Burg. In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media. Yet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so? To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy. In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including: - What real “value” is—and how the 5 “Elements of Value” are most relevant right now. - The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices. - Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value. - How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis. As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners. And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all. https://www.diamond-consultants.com/how-to-add-value-bob-burg/

On Weathering the Storm