The Diamond Podcast for Financial Advisors
Mindy Diamond Financial Advisor Recruiter and Consultant
Overview
Episodes
Recent Episodes
MAY 2, 2024
How the FTC’s Rule on Non-Competes May Impact Financial Advisors: An Attorney’s Perspective
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:
- When this rule will go into effect and the impact on existing agreements.
- Whether certain elements of an advisor’s current employment agreement may ultimately be non-enforceable.
- How this might impact non-solicit agreements.
- What this might mean for garden leave provisions.
- The impact on business owners.
- 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
29 MIN
APR 18, 2024
How Badly Do You Want It? A Process to Help Assess Whether Change is “Worth It” — A Special Industry Update
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
35 MIN
APR 4, 2024
Michael Kitces on Advisor Wellbeing: How Autonomy is Trumping Income When it Comes to Advisor Happiness
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.
Also available on your favorite podcast app and other media sites
54 MIN
MAR 28, 2024
Advisor Success Formula: Closing the Gap Between HNW Client Expectations and Advisor Services
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.
Also available on your favorite podcast app and other media sites
51 MIN
MAR 14, 2024
What Advisors Should Focus on to Maximize the Value of Their Practice: An Investment Banker’s Guidance
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
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.
Also available on your favorite podcast app and other media sites
47 MIN