The Diamond Podcast for Financial Advisors

Better Together or Apart: A Breakaway Advisor Shares Why He and His Team Chose Separate Paths

How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years

How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years

Industry Update on Partnerships: 10 Questions to Help Identify if You’re Still Right for Each Other

A Growth Story 87 Years in the Making: Why Boutique Firm William Blair is an Attractive Home for Top Advisors

Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence

Solving for Freedom, Control & Succession: How the Next Gen of a $330mm UBS Team Forged a Path to Independence

Industry Update: A Powerful Strategy to Accelerate Growth for Financial Advisors

A Northwestern Mutual Advisor’s “Jerry Maguire-Style” Breakaway Story

From Bigger to Better: How a Former Smith Barney Superstar Found Her Competitive Advantage in Independence

A conversation with Kurt Miscinski, President, Cerity Partners What do you get when you cross a successful wealth management executive with a New York billionaire? You get a spectacular $31B firm. For Kurt Miscinski, his meeting with New York-based billionaire and entrepreneur Howard Milstein could possibly be called serendipitous. Because at that time, Kurt was considering leaving his management role at Deutsche Bank and Howard was looking to make long-term strategic investments in the wealth management space. As a high-profile executive at Deutsche Bank, Kurt certainly had options. But instead he saw the early potential of building a full-service wealth management RIA firm that can serve ultra-high net worth families, executives and companies. So in 2009 HPM Partners was born—a firm with zero assets but with Kurt’s crystal clear vision and the backing of investor Howard Milstein. After starting from scratch and growing to $9B in less than a decade, renowned private equity firm Lightyear Capital invested in HPM and then later rebranded the firm to “Cerity Partners.” Today, Cerity Partners manages over $31B in assets, a result of their strategic organic growth initiatives complemented by an inorganic growth strategy that led to a string of high-profile M&A transactions. Kurt shares the story with Louis Diamond, starting with the early stages of HPM on through to Cerity Partners today, including: * The key drivers that led him to consider leaving Deutsche Bank—and why he saw such opportunity in the RIA space. * The gaps that HPM Partners filled in 2009—and how that evolved to form what Cerity Partners is today. * The advantages Cerity Partners has over firms like Morgan Stanley and Goldman Sachs Ayco in serving corporate executives and offering corporate financial wellness services—and how “operating like a global professional services firm” with full access to all solutions available on the “Street” allows them to serve their clients' best interests. * The importance of culture at Cerity Partners—and how being referred to as “partners and colleagues” instead of “employees” empowers them to think and act like business owners. * The real value of external capital partners—and why Kurt feels the perspective and credibility these firms add to the business is an important byproduct of their relationship. Kurt shares a unique vision on growth and how it’s impacted by culture—one that is based on “running to something rather than away from something.” It’s an incredible story with key learnings for advisors and business owners alike.   Download a transcript of this episode…   Related Resources 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? Read-> Multi-Billion Dollar Teams Ask: “Have we priced ourselves out of the market?” Even the most elite advisors get “stuck” by “unchallenged beliefs”—but the good news is,

From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners

With Avy Stein, Founder and Co-Chairman of Cresset Advisors and clients have been the beneficiaries of a more than decade-long evolution—with changes impacting both the landscape as well as the mindsets of advisors and their clients. In this new world order, advisors have come to the realization that the status quo need not be something they settle for. And for their high net worth clients, they too have recognized that wanting more from their advisors and the firms they work for is a right that they’ve earned. As such, new models have emerged that are taking the best from all others and delivering options that are more flexible and client-service driven—topped off with the ability for advisors to take greater agency and control over the businesses they are building. It was a vision that came to Avy Stein and Eric Becker, who, as family office clients, found themselves exploring options and were struck by the limitations of existing wealth management approaches, including sophisticated advice and access to an ecosystem of direct private investments. As business investors and innovators, Avy and Eric set out to build a better mousetrap: A model that checked off all the boxes of features that high net worth clients wanted and deserved. And in 2017 Cresset was born: An employee- and client-owned multi-family office designed to deliver a new paradigm for wealth management with rockstar leadership and advisor talent, and a value proposition that’s resonating with the wealth management world. For example, in 2020 they made headlines with their acquisition of $2.3B RIA PagnatoKarp—the firm Merrill breakaways Paul Pagnato and David Karp originally launched with Hightower in 2011, before making the break for full independence in 2016. Plus, Cresset has had unprecedented success in recruiting private bankers and high net worth-focused advisors from throughout the industry landscape. Avy joins Mindy on this episode to discuss Cresset’s journey, why their model is “disrupting” the landscape, as well as: * The specific gaps they saw in wealth management firms that serve high net worth families—and how Cresset has filled those gaps. * The key drivers fueling their growth—and how both advisors and their clients are attracted to the firm’s core values. * The similarities and differences between Cresset and a firm like Rockefeller—and why he feels models like these will continue to resonate with top advisors. The world’s greatest businesses were built by founders looking to find a better way: That is, to fill a gap and continuously create value for the constituents they serve. As such, firms like Cresset are winning in the race for top advisor talent. In an evolving landscape, it’s stories like these that will drive the conversation. So listen in and learn how firms like Cresset aren’t just disrupting the landscape—they’re redefining it. Download a transcript of this episode… Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> The Real Beneficiaries of Independence: Your Clients While advisors have a real opportunity to build th...

Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients

A conversation with Matt Kilgroe, President/CEO, Cyndeo Wealth Partners Most independent advisors start out by building strong practices in traditional firms. While plenty of them continue to build mega-businesses as employees, for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms. It’s this combined force of pushes and pulls that often motivates an advisor to explore the potential that independence offers. And one of the primary motivations behind Matt Kilgroe’s move. Because after building a $1.2B business at UBS, Matt found he was hitting a wall in what he could do for his clients. And the more he learned about the independent space, the more he was drawn to being a business owner—and removing the constraints that were limiting him and his team from greater control over their business. So in June of 2020, amidst the pandemic shutdowns, Matt and his team launched Cyndeo Wealth Partners in St. Petersburg, FL. And they didn’t miss a beat—transitioning 98% of their clients in the process. In this episode, Matt discusses his journey with Louis Diamond, including: * The key motivations that inspired building an independent firm—and why he chose not to do so when he first explored the idea nearly a decade ago. * The heightened sense of advisor vulnerability at the wirehouses—and how a few key incidents with other top producers were “eye-openers” for Matt and his team. * The choice to go independent vs taking a recruiting deal—and what Matt feels he ultimately gained in choosing independence. * The significant impact of a “lack of control” at UBS—and how they have since expanded services to their high net worth clients. * The choice to work with Dynasty Financial Partners—and what other options they considered. * The conflict of all products being under one roof—and why it’s “better” to be able to “Shop the Street.” As Matt shares, by going independent, they are now able to serve their clients as “true fiduciaries,” with the ability to look at the “whole picture” and provide any and all services their clients need. For some advisors, that ability alone is enough to consider the leap, but for Matt and his team it was a “pull amongst pushes.” It’s a straightforward and articulate account of how having greater control over how an advisor serves a client’s needs can foster both goodwill and growth Download a transcript of this episode… Related Resources An Update on Wirehouse Recruiting: Why Recent Activity May Signify Changes at the Firms What do the ever-evolving recruiting practices telegraph to advisors about the ideal candidates and overall hiring strategy of the firms—today and in the future? Read-> 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? Read->