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 an ..read more

April 8, 2024 Jason Diamond Quoted By Courtney Hoff Dockerty At wirehouses, complex compensation plans, talent retention and lawsuits are creating challenges, all at a time when many financial advisors are increasingly attracted to independent opportunities. Jason Diamond, an executive vice president at the recruiting firm Diamond Consultants, finds it unsurprising that advisory groups with the most years of industry experience are also those most likely to leave.”They are the ones who notice the most how much the firm has changed,” said Diamond, who did not work on either of the UBS deals. A ..read more

April 4, 2024 Louis Diamond Quoted By Eric Rasmussen There’s a concept in evolution called “punctuated equilibrium,” when long periods of stability and slow change are interrupted by cataclysms such as rising sea levels or mass extinction events that cause new species to branch off. Think of the meteor that brought about the decimation of the dinosaurs. Scientists now say that it also wiped out some competitive mammal groups, allowing our own mammalian forebears to bulk up and diversify, to be unleashed into the world in the widely variegated species we have today. Louis Diamond, an advisor r ..read more

6 ways to ride off into the sunset for advisors without a next gen in the wings The wealth management community agrees on one thing: We have a massive next gen talent gap, and it’s worsening with each passing year. Wirehouse advisors with no obvious or natural successor in place are especially vulnerable to the unique challenges presented by the so-called succession gap. It’s a conundrum that directly impacts the ability to monetize their life’s work when the appropriate time comes. Such advisors face a unique dilemma as their career winds down, which boils down to this: Who will “take them o ..read more

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 opi ..read more

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 ..read more

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 reflec ..read more

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 Co ..read more

Even if you have no intention of changing firms or models, the data is telling you something. There are several questions advisors routinely ask us about the changes we see in the wealth management industry as they relate to advisor movement and deals. Questions like: Where are deals headed? Which firms are the most successful recruiters? Which firms are losing top talent? Which business models are advisors finding most attractive? And the truth of the matter is, we couldn’t find a single source to share those answers on a regular basis. So, we created our own. The second annual installment o ..read more

The headlines, reports, and data all seem to indicate that the model is tagged for extinction. But is that really the case? A billion-dollar AUM team breaks away from a wirehouse to start an RIA. A $10mm team leaves UBS to join Rockefeller. A $4mm team leaves Merrill for Raymond James. The story seems to be the same every day: A top team leaves the wirehouses for another model or to launch their own independent firm. Even leading industry reports reflect a pattern of impending demise for the wirehouse channel: In a 2023 report, Cerulli stated, “By 2027, independent and hybrid RIAs will contr ..read more