Podcasts about ADV

Six years after Southward Chronicles, Jeremy Kroeker and Elle West are setting out again—this time heading south through Africa by motorcycle. Despite years of travel experience, they begin feeling unprepared, underfunded and more apprehensive than ever. Backroads of Africa follows their journey as it unfolds.

Adv. Stefanie Fick – uitvoerende direkteur, Outa Volg RSG Geldsake op Twitter

「アイディアファクトリーのADVゲーム専門ブランド「IFChronicle」が誕生！第1弾タイトルはクライムサスペンスADV「ICONOLOGY」に」　アイディアファクトリーは、新ブランド「IFChronicle」（イフクロニクル）を設立、あわせて第1弾タイトル「ICONOLOGY」を発表した。

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  The markets are navigating a sloppy and volatile transition into the fall season — international equities have reclaimed leadership over domestic stocks, commodity values have surged, and global central banks are executing synchronized interest rate hikes. At the same time, persistent energy price spikes, stubborn inflation readings, and historically low consumer sentiment continue to complicate the macro picture despite surprisingly resilient jobs data.In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the critical economic shifts driving current market performance across sectors, asset classes, and global central bank policies. From the Federal Reserve's 25 basis point rate hike and the ballooning $40 trillion national debt to massive AI-driven earnings from NVIDIA and Broadcom, they explore where smart capital is moving and address the growing hysteria surrounding artificial intelligence.

Think about the last time riding your motorcycle when something surprised you on the road or trail and you had to get on the brakes—hard and fast. What did that feel like? Was it unnerving? Did the motorcycle suddenly feel like something you were fighting to control? It doesn't necessarily have to feel that way. Maximum braking is a skill, but there are things to understand about your motorcycle before you even get to practising it. Clinton Smout from Smart Performance Centre takes us through what riders need to know to become more comfortable, confident and capable when they really need to stop.

David Bahnsen, Founder & Managing Partner, The Bahnsen Group From $600mm to $10.5B, David Bahnsen built The Bahnsen Group almost entirely through organic growth. He shares the decisions behind that growth, the value of reinvesting in the business, and why selling to longtime partner Hightower became the right next step. In Summary David Bahnsen left Morgan Stanley in 2015 with eight people and $600mm in client assets, motivated less by dissatisfaction than by what he calls being “intoxicated by the idea of freedom.” Eleven years later, The Bahnsen Group has grown to $10.5B in assets, 106 employees, and 13 offices—with virtually all of that expansion driven organically.  But the more instructive story is how that growth happened. David explains how original content and thought leadership became a powerful source of new business, why attracting clients only matters if the firm can deliver an experience that keeps them, and how continual reinvestment in people, tax, planning, investment management, and family office services helped turn a founder-led practice into a national enterprise. He also shares the thinking behind his decision to sell The Bahnsen Group to Hightower after more than a decade of working within its ecosystem. The transaction gives the firm greater resources for technology, HR, supervision, and future inorganic growth while allowing David to maintain control over the brand, P&L, strategy, and client experience.  The Storyline When David Bahnsen first appeared on the Diamond Podcast in April 2020, The Bahnsen Group was five years removed from its Morgan Stanley breakaway and had grown from $600mm to roughly $2B. Today, the firm manages $10.5B across 13 offices with more than 100 employees. The numbers are notable, but David's approach to building the business provides the real lessons. Rather than pursue acquisitions, The Bahnsen Group built an organic growth engine around content, thought leadership, and a distinct investment philosophy. David's Dividend Cafe now reaches roughly 35,000 subscribers organically, but he is clear that attracting prospective clients was only half of the equation. The firm continually invested in the people, capabilities, and services necessary to deliver on what the content promised.  That philosophy extended to how David structured the business. He chose to keep functions that created what Louis describes as “surplus value” inside the firm while relying on Hightower for areas such as supervision, regulatory support, and technology. At the same time, David resisted the temptation to maximize current margins, instead investing in advisor capacity, planning, tax, investment management, family office capabilities, and infrastructure. The result was a business with significant organic growth and enterprise value. Now the story enters its transact phase. After years of operating within Hightower's ecosystem, David agreed to sell The Bahnsen Group to Hightower. Yet the transaction is less an endpoint than another evolution of the model: Hightower becomes owner while David retains substantial operating autonomy and gains resources to professionalize the firm further and supplement its organic growth with carefully selected acquisitions. It's the full Build, Grow & Transact arc—and an example of what can happen when independence is treated as the beginning of building a business rather than the destination.  Topics Covered How The Bahnsen Group grew from $600mm to $10.5B Building an organic growth engine through content and thought leadership Why attracting clients is only the beginning of sustainable growth Reinvesting profits to build long-term enterprise value Creating advisor capacity without sacrificing the client relationship Deciding what capabilities to own versus outsource Why maximizing margins can limit the business you ultimately build The evolution of David's relationship with Hightower Why Hightower became the natural buyer of The Bahnsen Group Preserving autonomy and continuity after a transaction Balancing organic growth with future acquisitions Why independence can be a starting point rather than an end goal > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why freedom – not dissatisfaction – drove the breakaway. [04:44]David explains why he left Morgan Stanley despite being successful and well served there. The appeal was ownership: the ability to control how the business operated, how clients were served, and what the firm could ultimately become. How authentic content became an organic growth engine. [09:34]What began as written market updates during the 2008 financial crisis eventually evolved into Dividend Cafe, books, television, podcasts, and other thought leadership. David explains why the content works precisely because attracting clients was never its primary purpose. Why attracting clients isn't enough. [15:59]A strong content engine can create interest, but the business still needs to deliver. David describes the continual investment in planners, tax capabilities, investment management, family office services, and client experience that allowed the firm to retain and serve the clients its content attracted. Knowing what creates “surplus value.” [22:03]David and Louis discuss the importance of identifying what a firm does exceptionally well and what is better handled by an outside partner. For The Bahnsen Group, that meant keeping investment management, business development, branding, and the client experience close while outsourcing functions such as supervision, regulatory support, and technology. Why maximizing income and building enterprise value are different objectives. [25:08–35:26]David explains why he has continually reinvested in the firm rather than optimizing margins, while Louis connects that philosophy to a recurring Build, Grow & Transact theme: owners willing to sacrifice some current income can create capacity, growth, and greater enterprise value over time. How the advisor role changes in a scalable enterprise. [29:15]With advisors limited to roughly 80 households, The Bahnsen Group surrounds them with planning, tax, estate, operations, marketing, content, and business development resources so they can concentrate on client relationships. David also explains why he believes the industry has more of an “opening business” problem than a closing problem. Why Hightower became the buyer. [37:09]David wasn't looking to sell. He explains why maintaining control over the brand, P&L, hiring, strategy, and business was non-negotiable—and how Hightower structured a transaction that preserved that autonomy while adding resources the firm needs for its next phase. Why inorganic growth is now entering the picture. [44:01]At $10.5B, the law of large numbers changes what 30% growth requires. David explains why acquisitions will become a supplement to—not a replacement for—the firm's organic growth engine, with cultural fit playing a critical role in the strategy. Why independence was always the beginning. [50:51]David never viewed breaking away as the achievement itself. Independence gave him the ability to build the business he envisioned, and he now sees the Hightower transaction as the beginning of another phase of that journey. Key Takeaways Organic growth is more than business development. The Bahnsen Group's content creates awareness and opportunity, but its growth has been sustained by building the capabilities necessary to deliver an increasingly sophisticated client experience. Enterprise value often requires sacrificing current income. Hiring ahead of need, expanding services, creating capacity, and investing in infrastructure may compress margins today while building a stronger and more valuable business over time. Scale should support relationships, not replace them. David rejects the idea that client relationships themselves can be scaled indefinitely. Instead, the firm scales the resources surrounding its advisors so those advisors can remain focused on clients. Outsourcing can be a strategic advantage. The goal is not necessarily to own every capability. David's approach is to retain the functions where the firm has passion, expertise, or differentiation and leverage outside scale for others. The right transaction can preserve what already works. David's decision to sell was contingent on maintaining meaningful control over the brand, strategy, P&L, and operating model rather than changing the formula that created the firm's growth. Organic and inorganic growth don't have to be competing strategies. The next phase will combine The Bahnsen Group's existing organic engine with selective acquisitions designed to add scale without creating a collection of disconnected businesses. Independence is a means, not necessarily an end. The larger lesson from David's story is that independence created the freedom to build. What mattered afterward was how that freedom was used. https://youtu.be/_s8MFJtrbS0 Quotable Moments “I was very intoxicated by the idea of freedom.” — David Bahnsen [04:44] “Relationships don't scale.” — David Bahnsen [29:15] “Twenty cents of something big is a lot more than 40% of something small.” — David Bahnsen [33:31] “I did not want to go to independence as an ending point. It was a beginning.” — David Bahnsen [50:51] FAQs How did The Bahnsen Group grow from $600mm to $10.5B? The firm's growth was overwhelmingly organic. David attributes much of the business development engine to original content and thought leadership, supported by continual investment in advisors, planning, tax, investment management, family office capabilities, and the broader client experience. How did content creation contribute to The Bahnsen Group's growth? David began writing regular market commentary during the 2008 financial crisis. After becoming independent, he developed that work into Dividend Cafe and expanded into books, television, video, and podcasts. Dividend Cafe now has approximately 35,000 subscribers, which David says were acquired organically. Why does David Bahnsen believe in reinvesting in a wealth management business? Rather than maximizing current profit margins, David has invested in people and capabilities when he believes they will improve the client experience or create a better environment for advisors. His philosophy favors building a larger, more durable enterprise over extracting the maximum amount of current income. Why did David Bahnsen sell The Bahnsen Group to Hightower? David says he was not actively looking to sell. The transaction became attractive once Hightower was willing to preserve the firm's autonomy while providing additional resources in areas including HR, technology, AI, supervision, and future inorganic growth. Will The Bahnsen Group continue to operate independently after the Hightower transaction? According to David, the firm will operate as a wholly owned independent subsidiary. He expects to retain authority over the P&L, hiring and firing, strategy, branding, and other core aspects of the business while drawing more extensively on Hightower's resources. How will The Bahnsen Group grow after the Hightower transaction? David expects organic growth to remain the foundation. However, as the firm becomes larger, he plans to supplement that growth with selective acquisitions and advisor additions that fit The Bahnsen Group's system and culture rather than simply aggregating assets. What can financial advisors learn from David Bahnsen's independence journey? His experience illustrates the importance of defining what independence is intended to accomplish. For David, leaving the wirehouse was not the destination; it provided the control necessary to invest, create, hire, build services, and develop an enterprise around the client experience. The firm's growth was overwhelmingly organic. David attributes much of the business development engine to original content and thought leadership, supported by continual investment in advisors, planning, tax, investment management, family office capabilities, and the broader client experience. David began writing regular market commentary during the 2008 financial crisis. After becoming independent, he developed that work into Dividend Cafe and expanded into books, television, video, and podcasts. Dividend Cafe now has approximately 35,000 subscribers, which David says were acquired organically. Rather than maximizing current profit margins, David has invested in people and capabilities when he believes they will improve the client experience or create a better environment for advisors. His philosophy favors building a larger, more durable enterprise over extracting the maximum amount of current income. David says he was not actively looking to sell. The transaction became attractive once Hightower was willing to preserve the firm's autonomy while providing additional resources in areas including HR, technology, AI, supervision, and future inorganic growth. According to David, the firm will operate as a wholly owned independent subsidiary. He expects to retain authority over the P&L, hiring and firing, strategy, branding, and other core aspects of the business while drawing more extensively on Hightower's resources. David expects organic growth to remain the foundation. However, as the firm becomes larger, he plans to supplement that growth with selective acquisitions and advisor additions that fit The Bahnsen Group's system and culture rather than simply aggregating assets. His experience illustrates the importance of defining what independence is intended to accomplish. For David, leaving the wirehouse was not the destination; it provided the control necessary to invest, create, hire, build services, and develop an enterprise around the client experience. Related Resources The RIA Builder's Blueprint How the Freedom to Communicate During a Crisis and Beyond Translated to 4x Growth for this ex-Morgan Stanley Team Mentioned in This Episode Dividend CaféThe Bahnsen GroupHightower David L. Bahnsen Founder, Managing Partner, and Chief Investment Officer David L. Bahnsen is the founder, Managing Partner, and Chief Investment Officer of The Bahnsen Group, a national private wealth management firm with offices in Newport Beach, New York City, Bend, Nashville, Minneapolis, Austin, Phoenix, West Palm Beach, Dallas, and Grand Rapids, managing over $10 billion in client assets. Prior to launching The Bahnsen Group, he spent eight years as a Managing Director at Morgan Stanley and six years as a Vice President at UBS. He is consistently named one of the top financial advisors in America by Barron's, Forbes, and the Financial Times. He is a frequent guest on CNBC, Bloomberg, Fox News, and Fox Business, and is a regular contributor to National Review. He hosts the popular weekly podcast, Capital Record, dedicated to a defense of free enterprise and capital markets. He writes a weekly macro commentary at dividendcafe.com. David is a founding Trustee for Pacifica Christian High School of Orange County and serves on the Board of Directors for the Acton Institute, National Review, and Hightower Advisors. He is the author of several best-selling books including Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (2018), There's No Free Lunch: 250 Economic Truths (2021), and Full-Time: Work and the Meaning of Life (2024). His newest book, Profit from the Profit: The Past, Present & Future of Dividend Growth Investing, was released in August 2026. David's true passions include anything related to USC football, the financial markets, and politics. His ultimate passions are his wife of 24 years, Joleen, their children, Mitchell, Sadie, and Graham, and the life they've created together on both coasts. 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. View the transcript of this episode… Build, Grow & Transact: David Bahnsen on Building a $10.5B Business Worth Selling A conversation with Louis Diamond and David Bahnsen, Founder & Managing Partner of The Bahnsen Group.     Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: David Bahnsen on Building a $10.5B Business Worth Selling. It’s a conversation with the founder and managing partner of the Bahnsen Group. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between breaking away to create a better version of the business you already have and breaking away because you see an entirely different business you want to build. And I think that distinction becomes even more important as we look at what creates real enterprise value in the wealth management industry today. My guest, David Bahnsen, is a pretty remarkable example. David first joined us in April of 2020, five years after leaving Morgan Stanley with eight people and 600 million in assets. At that time, the Bahnsen Group had grown to roughly two billion. Today, it’s a $10.5 billion business with more than 100 people and 13 offices across the country. Perhaps the most interesting part of that growth story is that virtually all of it has been organic. David didn’t build the firm by buying AUM. He built it by creating an authentic voice, an incredibly effective content engine, investing heavily back into the business, adding services clients actually wanted, and being very deliberate about what his team should own versus what was better outsourced. There’s a lot in that playbook for any advisor who wants to build a business with real enterprise value. But David’s story also gives us something we often don’t get to examine, the full build, grow, and transact arc. For more than a decade, Hightower went from employer to service provider while David maintained ownership and control of the business. Now, the Bahnsen Group is being sold to Hightower, giving David additional resources to pursue the next stage of growth while preserving much of what made the firm successful in the first place. So we get into the decisions behind that extraordinary organic growth, why maximizing current income can work against building long-term enterprise value, how David thinks about content, clients, and scale, and ultimately why someone who was once intoxicated by the idea of freedom decided the next right move was to transact. It’s a great case study in what can happen when independence becomes a starting point rather than the destination. So let’s get to it. David, thank you for coming on our show again. David Bahnsen: Well, it’s wonderful to be back with you. I love listening to the show every week. Louis Diamond: Oh, there you go. Just flattering us now. So for anyone who probably, myself included, doesn’t remember the last time you were on our show, it was April of 2020, a time warp into a crazy time. It was the five-year anniversary of your breakaway in the very, very beginning of the pandemic. Then you still had an amazing business, two billion in assets. But for listeners who may have missed it, and even just to catch us up, can you give us the quick version of your origin story of leaving Morgan Stanley in 2015 with 600 million and eight people and why you did it, just the speed round of compressing a stressful and very important time in your business arc? David Bahnsen: So I was one of those people that in an almost cliche, typical way, the types of folks that your business deals with all the time, left because I wanted independence. I wasn’t unhappy at Morgan Stanley. I wasn’t in need of any particular change, but I was very intoxicated by the idea of freedom and became very committed to the idea that if I were going to run my own business, I needed to run my own business. It started in 2014. We made our official exit in early 2015. And as you said, there were eight people, all of which were folks on my team at Morgan Stanley and 600 million of client assets, and we basically moved 100% of that. When I was on the podcast, April 2020, it’s funny when you were saying that, I can visualize myself at my home office at that point in time in Southern California recording this. And we would’ve been our five-year anniversary, couple billion, so we had a little bit over tripled. We probably had, if I remember correctly at that time, 25, 30 employees. And it’s interesting the linear arc of it, because you fast-forward now, we’re at 10.5 billion and 106 employees. And so it’s just proportionate, the AUM and the headcount and the time gone by, it’s been a very nice, steady arc. But I really loved the idea of being independent. I turned 40 years old in 2014 when I began the extensive due diligence that led to me leaving Morgan Stanley. And it really was that moment that I said, “If I’m going to stay as a corner office guy at a wirehouse, I will stay at Morgan Stanley forever.” I had no issues there. My manager at the time is still, to this day, my best friend in the world. We’re like brothers. I just dedicated my new book to him. I wasn’t unhappy with Morgan. I just liked the idea of having my own business and haven’t looked back since. Louis Diamond: Amazing. Seems like it was probably a pretty good move based upon what you shared, but I think it’s an interesting perspective because I feel like I’m starting to see that more and more is the profile of the advisor who doesn’t have these intense pain points and is relatively well served, is going to be successful, knows how to operate at their firm, but they just want something more. There’s an intangible that staying isn’t going to solve for them. For many, it’s being a business owner, like the path you took. For others it’s, hey, I just want to be recharged. I don’t want to be static. I want something different. I want to monetize. I want to work in a bit of a different way. I think you’re early on that trend, to be honest with you. You were probably right in the middle, even probably even the beginning innings of the independent movement, and I am very excited to dig into how you got from 600 million in 2015 to over 10.5 billion, 11-ish years later. So let’s jump to today, and we’ll spend some time going through dissecting that growth. But today, like you said, 10 and a half billion under management, 100 plus people, 13 offices, including Santa Barbara where you just opened, but Newport Beach, New York City, Nashville, Tennessee, Palm Beach. It’s a real national firm. And I read that you’ve grown over 30% organically over the last decade. So when you look at the firm now versus 2015, what stands out the most? Let’s really dive into that. David Bahnsen: Well, a lot of this is where we’re going to end up going later in the conversation with where I see the next iteration of the company. But when you talk about the last 10 years, it has been the textbook definition of organic growth. There are 13 offices open and zero of them came by acquisition or merger or purchase. We’ve hired two or three advisors out of our 26 advisors that had a little bit of a book, but I mean under 100 million. We never paid for it. I’m talking about hiring people. But you’re looking at an organic story, and I am proud of that, but I also recognize that it wasn’t intentional. And what I mean by that is I didn’t have this strategy in 2014, ’15 where I said, if I can just go independent, I have this evil genius behind me that is going to drive a mousetrap that will get me up to 10.5 Billion. I’ve been as surprised, as many outside observers, but I have a lot of gratitude for it. I understand now why it has worked, and I think that there are people inside of our business that are a little more qualified to understand how the business works than people who are outside of it. Your consultants and professional investors are very smart at what they do, but they don’t necessarily always understand that advisor-client dynamic. And I get why we’ve been successful with it. But I also don’t want to take credit for it as if it were this master strategy. We just tried things and those things that worked, we kept doing more of, and this is where we are. A lot of it, and I spoke to Mindy about this six years ago, it’s been content creation, thought leadership, and the voice that, much to my surprise, has attracted people and never doing it for the purpose of attracting people. This very natural and sincere delivery of a belief system about markets, about the economy, about the world around us, I share things sometimes about my faith, politics in a public square. I’m on television, this podcast. And then the major driver is the written word, which some people might be shocked to hear as we’re talking about a podcast still even exists. But my weekly Dividend Cafe, which is my weekly market commentary, is up to 35,000 subscribers, 100% organic. We’ve never done anything to get any subscribers. And our video and our podcast and everything, the books I write, the television hits, they all have their audience. But most of it goes through that written word. That’s where I get to connect with people that if they like me, they may end up becoming a client. And if they don’t, they won’t, but that’s really been our story though. Louis Diamond: That’s absolutely amazing. There’s so much to unpack there. That amount of growth without anything inorganic, especially the way this industry is going, I don’t think I’ve ever heard that before. That’s amazing in and of itself. But just the way you can track back your meteoric rise to content creation, I think for many listening, it’s either, “Oh my God, that seems so daunting and so crazy.” Others would be like, “Well, I can’t do that, but that sounds great. Of course, he’s been able to grow because he can have an original voice.” As a firm that puts out a lot of original content, podcasts written, Mindy wrote a book, white papers, et cetera, I know the amount of work and dedication and commitment it takes to stick with that for so long. So if you don’t mind, can we double-click into that written word story? How did you get started with it and what’s been the arc or the growth journey? Someone who’s listening who would love to do that, where did you get started? You didn’t just all of a sudden have a book and show up on TV. How did you get started? David Bahnsen: In the truest sense of the word, I grew up loving writing. My father died in his 40s and I was only 20, but he was an intellectual, a brilliant writer, had several books, and I was a nerd in high school. Luckily, I had basketball so that I could still meet a girl here and there and have friends on the team. But I mean, if it were up to me, I would’ve been home reading books and writing papers, and I would turn in extra credit papers more than I would study for a test because I loved writing. So the written thing was there. I don’t know if I was ever good at it or not, but I know I loved doing it, and I would credit my late father with the early seeds of that. When the financial crisis happened in September, the actual week of Lehman’s bankruptcy, September of ’08, about three, four days later, Morgan Stanley’s credit default swaps were blowing out, and now it was not just the market was crashing every day. And of course at that point, Merrill had gone down, AIG had gone down. We were in this cascade, and everybody who lived through it remembers it all well. I remember every detail of it like it were yesterday. But all that happened was once I got my 80th call about what the hell was going on with Morgan, I decided to write up a piece, not send it to compliance for approval and send it out to everyone. And if the firm was at risk of not making it for another day, I wasn’t especially worried about compliance getting mad at me at the time. And I did that, and then a couple days later did it again, just broad update on everything going on, and I never stopped doing it. That’s what it was, just every Friday since September 2008. And then when we left Morgan, at some point along the way I started getting compliance approval and getting a bit more of an audience. We had hundreds of clients that were reading it, and we’d have a few guests that would ask to be signed up as clients were forwarding it around, but that was it. It didn’t have a website, it didn’t have a subscribe feature, it wasn’t a real blog or anything like that. So then in going independent, I was able to incubate it, and we branded it as Dividend Cafe. We’re Dividend Growth investors at my firm. So we put a brand around it. We had a website, and I think we started a podcast and video that was becoming a very large medium around the mid-tens as well, and so we added that shortly later, but it was just because I had the freedom to do it. And then I did do some hit on CNBC like Asia or CNBC World or something. It wasn’t anything with a big audience, but then we sent the clip to someone at Fox and they really liked it, and then they had me, and then I started getting invited more regularly. So now the TV thing was happening, and I always say that TV can be a really good thing for a very small number of people. Obviously, Josh Brown has been incredibly successful with it. He’s very good at it, and it’s done okay. It’s done well for me, but it’s different than people think. You do not go on TV and then get done and all of a sudden the phone rang and someone said, “I saw you. You’re so handsome. I want you to be my advisor.” What it does is it might drive them to other content. It might drive them to the internet where they’re going to find other things about you. And if my name was David Johnson instead of David Bahnsen, I think I would’ve got lost in the SEO and nothing would’ve come of it. I really believe that. But it enabled some people that liked what they heard on TV to start following me in other more substantive and perpetual mediums. And then in 2017, I wrote a book that I wouldn’t have been able to write at Morgan Stanley. I had very strong opinions about the origins of the financial crisis. And I did not believe the left-wing narrative that it was caused by unfettered markets, and I didn’t really believe the right-wing narrative entirely either that it was exclusively caused by government intervention. I believed that all of those things were true but were missing this cultural and moral component about Main Street. I wrote a book on it and I thought there might be 200 clients of my firm that would read it, and it ended up being a bestseller, and that created more television invitations and just to a slightly larger audience. And at this point now, I realized that all of these things were dovetailed together, content, the mediums, coming to Dividend Cafe, coming to an authentic point of view about markets. And then, and this is the thing that is so important because of what you do and do so well in your business and within the kind of practitioners that listen, it wasn’t enough to have a mousetrap that drew people to us. We had to keep them. We had to deliver an advisory experience, and so we were just relentlessly reinvesting back in the business, adding planners, adding tax, adding more investment sophistication, family office, just improving our business, and that’s why we’ve added so much to headcount because we have just constantly wanted to really be what we were attracting people to. Louis Diamond: It’s amazing. The key themes I heard there, there’s a lot, but is it’s not one thing that works. It’s a coordinated strategy. I can attest to that for the content work that we do. There isn’t one single point of growth that comes from content creation. It’s everything working together. You don’t know, especially in this day and age, how people consume information or how a message gets across to them, whether they’re a reader, whether they find you in AI, whether they watch video, whether they saw CNBC in their barbershop. So I think that’s absolutely amazing, and congratulations. Let’s talk a little bit about your breakaway setup, if you will. So when you broke in 2015, you signed on with Hightower, but in a bit of a different way, certainly different than today. You paid Hightower an override on your revenue, or basis points and assets, to be on their platform. But you owned 100% of your business, ran your own P&L, and they provided certain services to you. Thinking back to 2015, and then even up until your recent decision to sell to Hightower, why did you structure it that way rather than under their brand or as an employee or even just having your own RIA, especially given your size and scale? David Bahnsen: There’s actually one piece missing there. You may not have known, but I think is important to the story. When we came in 2015, we were employees and they had a 50/50 net model, and we joined in that capacity. And then when they recapped in 2017, brought a new investor on, eventually changed CEO about a year later, at that point, we were growing. I felt very comfortable with the independent space. I now knew what I didn’t know. I knew what I thought they did well, and I knew what I thought we could do well, and I took advantage of that moment to say, “Guys, I need to be on my own. We need to run our own firm, our own finances, our own payroll, our own brand.” And what the investors wanted at that time was some sort of affiliation that they could count on and not be vulnerable, but I didn’t want to sell and I wanted full control. So I got control, much better control than I had had in my first couple years, and they got a extension of agreement of these services that they could feel good I was going to be a part of their ecosystem. And the cash flows were pretty meaningful as we grew from, at that point, a billion to over 10 billion, and we became obviously a very meaningful contributor to their earnings and revenues. And the CEO who came in was the second CEO in the history of the company. And they now have a third, but that individual, Bob Oros, I knew well because he had been at Fidelity when I chose Fidelity as our primary custodian. Bob and I got along very well. And so over the years, there’d be things that we had impediments that we had to work through, and we worked through them just like adults, like businessmen and women and got stuff done. So it was a good relationship. But we were really quite independent. Very few of my people that worked at Bahnsen Group even knew who Hightower was because we had our own brand, we had our own investment process, the HR, the payroll. And unlike a lot of the other platform teams, they didn’t have too many platform teams, but ours, the accounts payable were massive. I mean, we had to have a whole finance department just because of our growth. So it became a difficult thing for them at this stage to have such a meaningful company within their ecosystem not aligned and not harmonized within the economic model of the rest of the firm. But I would say that decision for 2017 until this year, I don’t regret it at all. Hightower doesn’t regret it at all. They benefited immensely from this growth we’ve gone through, and I very much desired that freedom. Look, if I’m being very candid, Louis, you brought up why didn’t go on my own ADV? At the time in ’14 and ’15, I didn’t know enough. I didn’t understand. And I met with Focus, I met with Dynasty, I met with some others, and you just meet with different people, hear the stories, and the one I went with was Hightower, and there’s pros and cons to all the models. It’s one of the things I wasn’t joking at the beginning. I listen to your guys’ show every week. I’m a sucker for everything happening in our industry. I hear the stories of different successful advisors, and every one of them resonate with me in one way. There might be nine ways it doesn’t resonate, but one way that does because there’s always something that each person’s looking for that some of us can connect with. And at the time, I didn’t know what I didn’t know, but I felt good about the Hightower story, went in that path, and I would argue that we got the best of all worlds in that 2017 to 2026 story because we really got to function independently. We were under their corporate RIA, but other than that, felt very independent. And that’s a testimony to Hightower that they honored that autonomy, but I think it gave me the entrepreneurial thing I needed, and I’m grateful for it. Louis Diamond: Fantastic. So let’s say from the 2017 to 2026 timeframe when you decided to finally sell to Hightower, how did you weigh the leverage that outsourcing certain things provided your business versus paying a fee, obviously, more than what it cost Hightower and not having complete and utter control over your business? How do you track that to your growth, if at all? David Bahnsen: The criteria was always anything we like doing or are good at doing, we’re going to do it, whether Hightower offers it or not. So for example, I’m sitting here in a beautiful office. We have the 31st floor of a building on 54th Street and 6th Avenue, and Hightower has a whole facilities department. We’ve done 13 office leases with no involvement from their facilities department because my wife loves designing the offices. She’s an interior designer. My team loved picking our own locations. I didn’t find negotiating with a broker all that hard. So we were able to do it, we liked it, so we did it. But then the supervision side, the regulatory side, and candidly, a lot of the technology side, which is where some of our talk is about to go in terms of the new transaction, those things I felt more comfortable outsourcing to Hightower who had entire departments and resources geared towards it. And we would do them if we had to, but we weren’t passionate about it. I didn’t want to go understand all the nooks and crannies of the regulatory apparatus. So that was part of their ecosystem, and we were happy to utilize their services there. Investing money, financial facilities, the business development mousetrap we built, those things we were good at, and so we held onto that, and that’s how we viewed the division of labor. Every firm, RIA, IBD, a wire, W, it doesn’t matter. Everyone who optimizes this challenge of doing what you like and not doing what you don’t like is going to grow. It’s hard to do. It’s easier said than done, but that’s the challenge right there. Louis Diamond: I absolutely love that. I think it’s so true, knowing what’s actually going to add surplus value relative to the amount of time you’re doing versus what’s commoditized or back of house or isn’t something that lights you up. Because there’s plenty of RIAs that I’ve interviewed or that I know where they enjoy building technology, they like designing their own compliance organization, and to them, that’s their superpower. That’s what makes them different. For you, it sounds like it was very clear. You knew exactly what you wanted to do. As long as you’re able to still do it, you’re very comfortable with outsourcing certain things that would’ve been a distraction or something that you and your team weren’t world-class at. I want to talk a little bit about some of the deliberate choices you made to take the business from, I would assume it was you as the rainmaker, and now you said you have over 25 advisors. So just thinking about hiring, structuring the business, investing in the business and platform, because I’m sure you’ve had the temptation, maybe not because you’re a business builder, but I think a lot of people love, “Hey, I can make a ton of money if I don’t make that second, third, 125th hire, and instead I just take cash flow. I don’t necessarily need this person. I can make more money or distribute more to my partners.” So I’d love to hear a little bit about some of the deliberate choices you made on hiring and investing in your business. David Bahnsen: There’s two things that I am very hesitant to take credit for, even though they’re true. You had mentioned before when we left in 2014 that we were early innings of wirehouse defections to the independent movement. I was early, but I wasn’t a first inning guy. The real trailblazers were going in 2006, 2007, 2009. 2014 is a lot earlier than those that have gone in the last two or three years, but I was like a third or fourth inning guy, and I don’t deserve credit to be a first inning guy. The other issue is that I reinvest in the business constantly and have not been greedy about maximizing all the margin, but that is easy to say once you’ve already scaled the business, right? You’re already in a place where things are going very well, and then from there, deciding you just really want to run the business the way you want to run it. It’s not as selfless a decision as people may think. It was a luxury. And at the same time, I cannot tell you how bizarre I think it is when people are focusing on maximizing margin versus running the business that they want to have. It’s a high-margin business. There is not a lot of operating leverage in it. More or less, not completely, but more or less expenses go up in proportion to revenue. Particularly for us opening new offices and hiring a lot of new people, our biggest overhead far and away is people. And we started an ETF a couple years ago and I got a chance to learn the polar opposite where my business has tons of pricing power and very little operating leverage and asset management has unbelievable operating leverage. I basically have zero dollars of expenses on my next dollar of revenue, but no pricing power. Louis Diamond: So interesting. David Bahnsen: Yeah. I mean, it really is just two different business models. When we have hired more people, we’ve always done it based on are we going to serve our clients better and enjoy running our business better with these people? We don’t want wasteful positions, but we want the maximum optimization for how to service clients and how to give advisors an ecosystem to function in. So a one-to-one operations to advisor, having planners that are not the client-facing advisor themselves, but are devoted to the behind the scenes planning process. Having a full tax department that does not provide tax services to non-wealth clients, that is only there, a robust tax consulting, tax preparation, tax advisory arm to drive a better client experience for us. These things all erode at margin, and I wouldn’t do it any other way. And the biggest thing, by the way, is the investment management, because then you’re not just talking about profit margin. We’re talking about time. I am a 3:45 AM guy every day because we’re inside markets. We have analysts, traders, investment folks. I think it’s something like 10 or 11 people on the org chart. It costs me millions of dollars a year for us to manage money in-house. There’s no justification for that other than it’s what we want to do, what we believe in. And those that have a outsourced Vanguard DFA-type model, I have no criticism of it in the world, but it just wasn’t us, and so we had to do what we liked doing. Louis Diamond: Yep. And once again, the authenticity shines through. Can we talk a little bit about the financial advice part of the business? I would assume when you’re at Morgan Stanley, you were probably the driver of growth, you were serving personally probably every client or just about all of them. Today, with 10 and a half billion, 25 advisors, just the immense scale of the organization, how do advisors advise? Are you still providing financial advice to clients directly? Are you more of just the CEO, the rainmaker, the strategist? I mean, how do you think about, I guess, allocating clients to your advisors? How have you grown your capacity for financial advice? David Bahnsen: So our leverage is entirely limited by my ability to find like-minded advisors who can go deliver our client experience and be in relationship to clients. It’s why I’m not a big believer in this notion of scalability. I think technology helps scale. I think there’s all kinds of processes you can do more efficiently, but it’s a relationship business and relationships don’t scale. And we have an internal policy philosophy preference, if you will, that no advisor will cover more than 80 households. And so for us to continue growing at the number of households, number of AUM, and therefore number of revenues, all those numbers, of course, have some proportionate relationship with one another, we have to have the advisors to do it. And so as we find advisors that can not drool on themselves and be professionals and deliver an experience to clients, we want them to be generalists. We want them to be very good at what they do, but we don’t want them entering trades. We don’t want them doing their own operations work. We don’t want them having to pick stocks. We’re providing this ecosystem of the tax, the planning, the estate, the operations, the content, the marketing, and the biz dev. They don’t have to go try to rainmake at their kid’s soccer game or join the chamber of commerce or things like that. That we believe we have enough internal biz dev opportunity that what they need to do is cultivate the relationships with the prospective clients we give them. They do have to close that business, but our industry, for all of the talk about this, people diagnose it wrong. We do not have a problem with closing business in our industry. We have a problem with opening business. And so the sourcing is the issue. And for whatever reason, it’s a mystery to me, it’s been a mystery for 27 years, I’ve been pretty good at sourcing business. And so we can share that with our advisors and then expect them to, their job when they wake up and go to bed and everything in between is to be in relationship with clients. Louis Diamond: If I think about, just think of 20 highly successful RIAs and think of some of the biggest and best names in the space, I think a critical connection point or commonality for all those firms is they’ve somehow figured out lead flow or some mechanism or capacity to bring in clients for their advisors. To me, that’s the truly only scalable way to keep adding advisors and growing a business is if there’s enough inbound lead flow that’s cultivated or created by the firm to really feed all the different advisors, and it’s not snap our fingers and it happens. But if you compare that to many other models, the wirehouse model where it’s all on the advisors to go out and find clients, that’s great. And if you find some amazing rainmakers, amazing, and it’s additive, et cetera, but you eventually hit a ceiling because it’s hard to find advisors who have that knack. You’re not bringing in the ideal client every time, and it’s an unpredictable way to grow. So I think I wouldn’t gloss over the fact that you’ve been able to create enough inbound traffic or lead flow through all of your content and thought leadership that you’re able to sustain that type of model. Because it is the best way to grow a business is keep your advisors focused on just being advisors, solve for organic growth, solve for the other things they have to do. And then when you open up a new market or hire an advisor, boom, you got capacity, you got someone trained up, and it’s predictable, your close rate and your ability to scale it from there. So I’ll get off my soapbox, but I think that’s such an important element of the biggest and best and most valuable firms in our industry today. David Bahnsen: I agree with you a thousand percent. And even if you put numbers around it, somebody who has to go make their own rain and service the client, they will expect, if you use wirehouse-like grids around it, this is just round numbers, I know you could turn a knob a little bit, but I view the business as more or less it costs something in the range of 40 cents of a dollar revenue to run the business. There’s 20 cents available to the owner, 20 cents to the person who makes rain and 20 cents to the person servicing the client. It’s back of napkin math. If you are a wirehouse advisor, you’re making the rain and servicing the client, you’re getting two of the 20 cents, you’re getting 40 cents, let’s say. And if you’re the person who owns the business and makes the rain and is the advisor, you can make 60 cents on the dollar. That’s a wonderful margin, and you cap out at a certain level where you just cannot grow any further. I would rather make 20 cents on where we are now. My advisors would rather make 20 cents on where they are because 20 cents of something big is a lot more than 40% of something small. And again, and my numbers are, I’m rounding, but you get the idea. That’s really the kind of business model we’ve done here. Louis Diamond: I think it’s brilliant. And some would argue about the percentages and would say, oh, it costs 40 cents to 30 cents to run a business and we have a small team, but I think philosophically that’s exactly right. And I think something you said too, which is there’s been a common thread in our “Build, Grow, Transact” series. You think about Jason Fertitta of Americana Partners or Matt Kilgroe from Cyndeo and many others that we’ve had or will have, it’s really playing the long game. No one we’ve had on the show is optimizing for how much money can I make this year, next year or the year after. It’s the intentional decisions to invest in capacity, invest in growth, and by choice take less as the owner of the business, but doing it because what you’re building is enterprise value that will sell at a dramatic multiple of that growth and have room to run. So I think that’s the big thing is, again, it sounds easy, it sounds great, but it’s not an easy decision to say, “Hey, I’m going to make less money today and over the next few years because I want to hire the next person or invest in an organic growth funnel.” That’s discipline, for sure. But I think it’s a great takeaway for anyone listening is play the long game, invest where it makes sense, and the riches will follow you later. They don’t have to follow you today or tomorrow. David Bahnsen: And it’s a whole business of playing the long game, not only in the value creation and enterprise value of being independent. But even for wirehouse advisors, I remember back as I was entering the business, that debate about fee-based business versus transactional, and all it was, are you going to play the long game or get more money quickly? There’s temptations in both ways. There’s goals, there’s overhead, reality. Anyone who played the long game in that story from 30 years ago benefited immensely. And now you see it, of course, in what we’re talking about here, playing the long game in the way you run your business has just been the smartest thing anybody could do. Louis Diamond: Absolutely. Especially in this industry where each new client that’s brought on, there’s a lifetime value of a client. That success compounds with market appreciation, with them adding new monies, and then ultimately they’re going to give you referrals hopefully. And then over time, that’s where the real money is. It’s the compounding nature of doing the next right thing rather than, we’ll say, taking a shortcut or not making that investment in the business. I have a ton more questions for you on this topic, but I want to spend enough time on your important decision to sell the business, sell the Bahnsen Group to Hightower in April of 2026. So after more than a decade of being an employee of Hightower, being affiliated with them but really owning your own business, you decided to not just sell the business, but to sell it to the very platform that you’re operating on. So can you just talk about that decision? Why was 2026 the right time? Why did you decide to stay with Hightower rather than any of the other 100 acquirers or a random private equity firm that would love to buy a business that’s growing 30% per year? David Bahnsen: It’s interesting to think about as our deal gets ready to close here at the end of September, if I had gone out and run a process, if I was looking to sell, would I have been interested in conversations with others? And I don’t know the answer to that because I wasn’t looking to sell. There was nothing broken, in my mind, in what we were doing. But when Hightower and her investors came to me, the entire conversation centered not around what we needed and wanted to be a seller, but on what we didn’t want or couldn’t have. And I’ll share the story because I haven’t shared it publicly with anyone. As we were having conversations about a variety of things in the relationship between Hightower and the Bahnsen Group and Hightower’s investor and so forth, there were a couple of different meetings and things and we ended up having a pretty significant meeting in person in their conference rooms here in Midtown. And I’ve had seven eye surgeries, and I have challenges with my eyes and there are all these numbers up on a screen in the conference room. I couldn’t see any of them. And it occurred to me that there was an offer on the screen they wanted to buy the business. We had not discussed that. And I turned to the folks and said, “I don’t really know exactly what it says, but I just want to make something very clear to save time and drive our conversation constructively. There’s no amount of money that I would sell for if I can’t be fully in charge of what we’re doing. Our brand, our business, our autonomy is what I care most about. If there’s a way to have that, protect it, enhance it and do a commercial transaction, I’m open to it.” And I didn’t really think that would be possible, but I will say to their credit, they did not want to interfere with that autonomy and what they believe to be a successful formula inside our company at all. And so while they’re doing a lot right now to build their Hightower Signature Wealth brand, both internally and externally, and are coming up on $50 billion of assets that they’ll have moved onto that platform in trying to create more centralization and consolidation, which I think has a lot of commercial rationalization behind it, what they’re looking to do with the Bahnsen Group is have a wholly owned independent subsidiary where I still have plenary authority to run the business, control of the P&L, hiring and firing, strategy, branding, and yet the resources of Hightower at my disposal more now in the HR front. That gets a little trickier with 106 people that will soon be 150 than it was when it was 20. I’m committed, Louis, to knowing every one of my employees’ names forever and it’s getting harder, but luckily I have a pretty good memory. But the technology side, the AI moment, the way in which a tech stack all intersects, I hate this stuff. And they not only are good at it and like it, but are heavily invested in it. And so it felt to me like if they’re really going to allow me to continue running this and have that control of the P&L, it could be best of all worlds and certainly very value additive to the enterprise of Hightower. And that’s what we worked a few months to put together and everybody is really pleased with the outcome. Louis Diamond: Amazing. I mean it’s an interesting shift in the way I’m seeing a lot of these platforms, that they start off as a fee-for-service affiliation platform and then over time they morph to being buyers of businesses, investors in businesses. And Hightower is definitely, they’re probably at the forefront of really completely shifting or re-identifying themself in the market, especially on buying practices. So I think it’s very interesting that you had this long-term relationship and ultimately having such an amazing business, they were the ultimate buyer of the business. David Bahnsen: And I think it’s important to say for our listeners, you know as well as I do, if we went to market, there would’ve been a lot of interested parties. Louis Diamond: That was going to be my question. David Bahnsen: The organic growth alone would’ve commanded something pretty attractive. We were under Hightower’s ADV. I not only had a positive relationship with them and a good cultural dynamic, which I wouldn’t want to risk changing, but I don’t want to re-paper the size of this business, and so it was just a non-starter. I talked to a couple investment bankers after we were already in LOI and they all said the same thing. You had your most natural buyer. It was the one you were already dating. And that’s how I feel, is if there was going to be a transaction, it made the most sense for us to do it with the one we were already partnered with. Louis Diamond: So was it like, hey, you know exactly who we’re getting in bed with because they’ve already been our partner in this business for a while, and as long as I get what I think is fair value for the business, that’s good enough? I’m sure you could have gotten a turn or two more to have 50 bids and to have the shark circling to push Hightower higher. But it sounds like for you, that was of course important, but that wasn’t the number one driver. It was more how do we preserve what we like, preserve our autonomy and do it with people that we like and trust? David Bahnsen: Yeah, that continuity, in a funny way, I did it the wrong order. I ran a process after I was already at LOI, meaning I did enough to find out, hey, did I just do a good deal or not after I’d already done the deal. And the good news is I did, but it wasn’t the way most people go about doing it. But the continuity thing is there’s always two fronts to it at our size of business. There’s the client continuity and the team. Our team is going to move the payroll from being under Bahnsen Group to Hightower, and there’s benefits and changes and things. But the clients don’t know any difference whatsoever. Custodial, the G numbers, the ADV, there’s no signature required, no negative consent required because they already were under the Hightower ADV before. So this transaction all at once allows us to go into the next iteration of our business, which I’m very excited about, and I think is a wonderful deal for Hightower and what their goals are, but we didn’t have to bother clients with it. And when we say to clients, “Nothing’s going to change,” we can actually mean it. Louis Diamond: Yeah, that’s the definition of it. You mentioned there you’re excited for this next iteration or the next chapter of the company. Can you explain that? I would imagine just continuing your strategy that’s worked so well for the last decade plus, you keep doing that, I mean, you’re going to have a 20, 25, $30 billion business over the next handful of years. So what’s the next chapter? Why change it at all? What are you thinking about? David Bahnsen: Well, it’s funny in a moment now where, first of all, I’ve went out of my way to say that we didn’t grow at all inorganically, and a lot of people have now decided that inorganic growth is a little bit less impressive than organic growth. One of the issues with the law of large numbers is growing 30% at two billion meant adding 600 million and growing 30% at 10 billion means adding three billion in a year. Louis Diamond: That’s fair. David Bahnsen: And then 3.6 billion, the exponential nature of it. And I believe that there are… I’ve never gone to a meeting with an advisor with a checkbook or with a balance sheet, and we want to find some folks that want to join us, join our system, join our culture, not merely aggregate a bunch of unified parts, but in some cases doing that with other people demographically would mean some monetization events. So I do believe that there will be some inorganic growth that we will add to our toolbox as a supplement to our core underlying strategy, which we think is industry leading organic growth. So we want to continue doing more of what we’re doing. And then just as we continue to professionalize based on our size and scale more of those things that are not passions for us, technology, supervision and HR, utilize the mousetrap Hightower has that they do well while maintaining the things that make us uniquely us, which is our branding, our business development, our investment strategy, our delivery of services to clients. I’m not naive enough to think that there won’t be some growing pains and some hiccups and whatnot, but we believe that model, all the parties are very committed to it, and we believe it’s the right model for us. Louis Diamond: Absolutely. I think what’s really cool about what you said was, one, I agree with the concept of law of large numbers. I mean, it’s a fact, right? No matter how much content you put out, it’s going to be hard to bring in 10 billion of net new assets eventually without going inorganic. But I think to me at least the big trap in the industry today is firms either completely ignoring the organic and just focusing on buying and growing that way and pointing to, oh, we grew by this amount. But what you said, which is really cool and important I think is we’re going to continue the organic side to the best of our ability. That’s not going to change. Inorganic is a supplement. It’s not the replacement. I think that’s a really important lesson or discipline that it’s the combination of the two that really builds an enterprise and builds scale. You already had your transaction, but anyone who’s weighing a transaction in the future, buyers will always value a dollar of organic growth than they would inorganic growth. So if you can hit both and you do transactions strategically, you’re not just trying to buy anyone or everyone, but you’re doing it to add the right capacity, add a new discipline, diversify the talent pool, ho

Here is what mattered in powersports this week, and what each story means for your store.Two kinds of stories this week. Brands under pressure: Triumph's first dirt bike gets recalled, MV Agusta admits it is hunting for cash, and KTM's newest bike is only as good as the allocation. And two dealers who just proved you can last. Kegel Harley-Davidson is the official oldest Harley dealer in the world at 114 years. Naults in New England is at 118 and started out selling Schwinn bicycles.The line between the two is simple. The ones that last have more than one leg to stand on. Polaris is building sleds for the military. CFMoto is buying into an NFL stadium. Turn 14 is bringing show-only parts pricing right before the fourth quarter. The lesson for a dealer is the same one every time. New units are not the only game.This week's rundown:Triumph recalls about 1,560 TF-450 motocross bikes in the US. The rocker arm can seize, the valves can break, and the fix is a whole new cylinder head. Twelve reports, one injury. This is the first real test of how Triumph backs its first dirt bike, and the owner is mad at Triumph but standing at your counter.MV Agusta says it is restructuring and looking for an outside investor. The statement pushes back on rumors but never says bikes are being built or shipped. What gets shaky first for an MV dealer: new units, parts, then warranty money.Why a cheap buy-in on a struggling brand is not cheap if the units never show upCFMoto is now the official side-by-side and ATV partner of the Minnesota Vikings. Close to 800 US dealers now. Why a stadium deal means your salesperson is not starting cold.Kegel Harley-Davidson in Rockford, Illinois, is the official oldest Harley dealer in the world. Same family since 1912. Retention is the whole game.Yamaha's 2027 WR450F. A new model year is a reason to call every owner in your file, and every trade is a clean used unit you sell twice.KTM's 2027 690 Rally. The ADV buyer spends on luggage, crash bars, and tires, and rides enough miles to keep your service bays full. The honest question is allocation.Husqvarna's 2027 TE300 Pro and FE350 Pro. Why the Pro badge gives your salesperson a step up and why the rider who stretches for it buys the good tires too.Naults Powersports has been open 118 years. It started as a Schwinn bicycle shop in 1908 and runs four stores today. Being old is the result, not the plan.Turn 14 is bringing buy-ready UTV parts and show-only pricing to the Sand Sports Super Show. Side-by-side unit margin is thin. The money is in wheels, roofs, light bars, and winches. Stock deep now.Polaris built a snowmobile for the military. You will never sell one, but it tells you the factory reads retail as soft and is spreading its bets. Smart dealers do the same.Watch on YouTube: https://youtube.com/@dealershipfixitSponsor: https://ziidms.com/fixitConnect with Jacob: https://www.linkedin.com/in/jacob-b-berry/Follow the Fixit Online: https://linktr.ee/dealershipfixitMotoHunt for Dealers: https://dealers.motohunt.com

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Africa Melane speaks to Adv. Emanuel Masombuka, Chairperson of the Gauteng Rental Housing Tribunal, after a listener raised concerns about the Tribunal’s capacity to investigate rental disputes. The Tribunal confirms it has four inspectors servicing different regions of Gauteng. We unpack how complaints are investigated, how disputes are resolved and what tenants and landlords should know when seeking assistance. Early Breakfast with Africa Melane is 702’s and CapeTalk’s early morning talk show. Experienced broadcaster Africa Melane brings you the early morning news, sports, business, and interviews politicians and analysts to help make sense of the world. He also enjoys chatting to guests in the lifestyle sphere and the Arts. All the interviews are podcasted for you to catch-up and listen. Thank you for listening to this podcast from Early Breakfast with Africa Melane For more about the show click https://buff.ly/XHry7eQ and find all the catch-up podcasts here https://buff.ly/XJ10LBU Listen live on weekdays between 04:00 and 06:00 (SA Time) to the Early Breakfast with Africa Melane broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3N Subscribe to the 702 and CapeTalk daily and weekly newsletters https://buff.ly/v5mfetc Follow us on social media: 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Matt van Hilst carefully plans a solo motorcycle ride and repeatedly chooses caution when conditions change. Yet the day still ends in DEEP TROUBLE, raising a difficult question: can every crash be traced back to a mistake—or a series of them?

In this episode of the Race and Rights Podcast, CSRR affiliate and Penn GSE faculty member, Ameena Ghaffar-Kucher, guest hosts an episode reflecting on the twenty-fifth anniversary of 9/11, a milestone that coincides with the two-hundred-and-fiftieth anniversary of the founding of the United States. She is joined by Alka Pradhan, Human Rights Counsel for Ammar al-Baluchi in the Guantánamo Bay Military Commissions and adjunct faculty at Penn Carey Law, and Zainab Saleh, Associate Professor of Anthropology at Haverford College. Their discussion traces the legal and military machinery of the so-called Global War on Terrorism and how it continues to shape policy and daily life in the United States and abroad.The conversation situates the response to 9/11 within longer histories of policies and interventions rather than treating it as an aberration. Alka Pradhan examines this through the mechanics of law and the absence of accountability, interrogating the "terrorist" label and its effects, while Zainab Saleh grounds it in the human and material devastation of Iraq, and discusses the role of the media in the disappearance of both Iraq and Afghanistan from public memory. The guests consider how the Global War on Terror has come home: related logics of racialized suspicion that have justified detention and surveillance abroad also shape domestic policing and immigration enforcement. These practices are now drawing wider attention as they increasingly reach people's friends and neighbors, despite long-standing warnings from civil rights groups.The conversation also weighs the benefits and costs of the term Islamophobia itself against alternatives such as racism and anti-Muslim racism. It extends into the newer term anti-Palestinian racism, and into the "Palestinian exception" to free speech, where the same post-9/11 playbook of surveillance and suppression now targets people speaking out on Palestine.Together, the conversation asks what it means to reckon with how the response to 9/11 continues to shape law, policy, and daily life twenty-five years later.#WarOnTerror #September11 #Islamophobia #Guantanamo #CostsOfWar #AntiPalestinianRacism #CivilRights #HumanRightsFurther ReadingMaduro's Trial Follows the Twisted Logic of the War on Terrorism | Alka Pradhan. Foreign Policy (2026) On Forgetting, in a Democracy | Alka Pradhan. The Cambridge Journal of Law, Politics & Art (2025) "Head-On Into Peril": Connecting 9/11 and Law Enforcement Abuses in Portland | Alka Pradhan, Just Security, (2020) Shock and Awe Revisited: Legacies of the Iraq War 20 Years Later | Zaynab Quadri, Zainab Saleh, Catherine Lutz, Osamah Khalil, Carly A. Krakow & Moustafa Bayoumi. Passport: The Newsletter of SHAFR (2023)  What Gen Z needs to Know About 9/11 and its Aftermath | Ameena Ghaffar-Kucher & Deepa Iyer. Chalkbeat (2023)Exit East? The Fight Against Anti-Muslim Racism | Ameena Ghaffar-Kucher & Thea Renda Abu El-Haj, The Assembly: A Journal for Public Scholarship on Education (2018) Guest BiographiesZainab Saleh, PhD is Professor of Anthropology and Director of the John B. Hurford '60 Center for the Arts and Humanities at Haverford College. Her research focuses on subjectivity, nostalgia, belonging, war, empire, and violence in Iraq and the Iraqi diaspora. She is the author of Return to Ruin: Iraqi Narratives of Exile and Nostalgia(Stanford University Press, 2021), winner of the Evelyn Shakir Non-Fiction Award at the Arab American Book Awards, and Political Undesirables: Citizenship, Denaturalization, and Reclamation in Iraq (Stanford University Press, 2025). Her current work includes a forthcoming book on how US media legitimized the invasion of Iraq.Alka Pradhan is an expert on the application of human rights and humanitarian law to counterterrorism situations, and all aspects of the prohibition on torture, from prevention to litigation and accountability. She is currently Human Rights Counsel at the Guantanamo Bay Military Commissions, representing one of the defendants in the capital case of United States v. Khalid Sheikh Mohammad (the “9/11 case”); and Associate Counsel for Al-Hassan Ag Abdoul Aziz Ag Mohamed Ag Mahmoud at the International Criminal Court. She is also an Adjunct Professor of Law at Penn Carey Law School.Ameena Ghaffar-Kucher, EdD is an Adv. Senior Lecturer at the University of Pennsylvania's Graduate School of Education where she is also Director of the International Educational Development Program. Her scholarship focuses on structural Islamophobia and the schooling experiences of migrant youth, particularly how race, religion, and mobility shape their civic engagement and academic opportunity. She is the Project Director of Teaching Beyond September 11th, an open-access curriculum that provides educators with materials for examining structural, institutional, and interpersonal responses to 9/11 and their effects on AMEMSA communities, through critical inquiry and within a larger historical narrative.Support the showSupport the Center for Security, Race and Rights by following us and making a donation:Donate: https://give.rutgersfoundation.org/csrr-support/20046.html Subscribe to our Youtube Channel: https://www.youtube.com/playlist?list=PLEbUfYcWGZapBNYvCObiCpp3qtxgH_jFy Follow us on Twitter: https://twitter.com/rucsrr Follow us on Instagram: https://instagram.com/rutgerscsrr Follow us on Threads: https://threads.com/rutgerscsrr Follow us on Facebook: https://facebook.com/rucsrr Follow us on TikTok: https://tiktok.com/rucsrr 

Stephen Grootes speaks to Adv. Pansy Tlakula, Chairperson of the Information Regulator of South Africa, about her remarkable career, the experiences that shaped her leadership and the lessons she has learned along the way. From academia and the Black Lawyers Association to the South African Human Rights Commission, IEC, African Commission on Human and Peoples’ Rights and the private sector, Tlakula has held some of the country’s most prominent leadership roles. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Bra Aubrey and listeners weigh in on the withdrawal of charges against National Police Commissioner General Fannie Masemola following a review by National Director of Public Prosecutions Adv. Andy Mothibi, the discovery of the eighth body in Olifantsfontein, and other trending news and topics from this evening's show. Tags: 702, Aubrey Masango show, Aubrey Masango, Bra Aubrey, General Fannie Masemola, Adv. Andy Mothibi, Kempton Park, Olifantsfontein, Ekurhuleni, NPA, GBV, Femicide The Aubrey Masango Show is presented by late night radio broadcaster Aubrey Masango. Aubrey hosts in-depth interviews on controversial political issues and chats to experts offering life advice and guidance in areas of psychology, personal finance and more. All Aubrey’s interviews are podcasted for you to catch-up and listen. Thank you for listening to this podcast from The Aubrey Masango Show. Listen live on weekdays between 20:00 and 24:00 (SA Time) to The Aubrey Masango Show broadcast on 702 https://buff.ly/gk3y0Kj and on CapeTalk between 20:00 and 21:00 (SA Time) https://buff.ly/NnFM3Nk Find out more about the show here https://buff.ly/lzyKCv0 and get all the catch-up podcasts https://buff.ly/rT6znsn Subscribe to the 702 and CapeTalk Daily and Weekly Newsletters https://buff.ly/v5mfet Follow us on social media: 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Some opportunities don't wait around forever. Heather Lea's life has been shaped by the ones she chose not to let pass—from adventure and solo travel to motorcycles and a journey that would take her much farther than she ever expected.

Want to work with me 1 on 1? Click here to start a free trial in my online communityhttps://www.skool.com/stokke-doubles-academy/aboutWant to join in on the live podcasts? Sign up for my newsletter here!https://baselineintelligence.substack.comCheck out the YouTube live here:https://www.youtube.com/live/Yvqj6n2jhMY?si=BDY2oXh1GZ-jGpG0Want 10% off your next ADV purchase? Click my link here to start savinggetadv.com/JONATHAN70538

Download “How To Find Ultra High Net Worth Clients" from https://financialadvisorsworkshop.com/ Richard Taylor is a veteran financial advisor based in Battle Creek, Michigan, with over four decades of experience in the wealth management industry. Beginning his career in accounting before joining E.F. Hutton and later partnering with his father, Richard has built a deeply personal, multi-generational practice where three-quarters of his client base spans up to three generations. By blending traditional hands-on service with modern technology—including leverage of new media and podcasting—Richard focuses on guiding families through complex estate decisions, emotional market cycles, and historical context rather than pushing Wall Street products.In this episode, Brian and Richard discuss:The Evolution of the Practice: Transitioning from paper ledgers and stockbroker roots at E.F. Hutton to independent wealth advisory.Maintaining Multi-Generational Relationships: Managing client books that span three generations through hands-on, high-touch relationships.Breaking Free from Big Banking Constraints: Leaving corporate wirehouse restrictions to deliver tailored, client-first advice.Using Podcasting & History to Calm Volatility: Framing current market swings with historical context to help clients manage emotion and fear.The Future of Tech & AI in Advisory: Harnessing AI tools to streamline financial planning while restoring client trust away from mega-institutions.https://fourstarwealth.com/staff/richard-taylor LinkedIn: https://www.linkedin.com/in/richard-taylor-22b656397/ To see short videos of all our best FA Business Growing tips follow us on: Instagram: https://www.instagram.com/FinancialAdvisorsWorkshop  TikTok: https://www.tiktok.com/@faworkshop  YouTube: https://www.youtube.com/@financialadvisorsworkshop Facebook: https://www.facebook.com/FinancialAdvisorsWorkshop  Twitter: https://twitter.com/FAsWorkshop  iTunes: https://podcasts.apple.com/us/podcast/financial-advisors-workshop-with-brian-kasal/id1614768408  Spotify: https://open.spotify.com/show/4OB78889GRx2FHjvWtsyeE  Website: https://www.financialadvisorsworkshop.com/  Work with FourStar: https://financialadvisorsworkshop.com/Advisors  DISCLAIMER: This content is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov

The dynasty fantasy football market is moving fast heading into the 2026 NFL season. On this week's Vibe Check Friday, I'm using ADV and Vibes to break down the biggest dynasty risers, fallers, buy signals and sell opportunities, including De'Zhaun Stribling, Mike Washington, Carnell Tate, KC Concepcion, Marshawn Lloyd, Emmett Johnson, Caleb Johnson, Parker Washington, Michael Wilson and more. The goal isn't just knowing which players YOU like — it's understanding how the entire dynasty market is valuing these assets before everyone else catches up. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a motorcycle racing crash left his father with a traumatic brain injury, Ari Henning's family life with motorcycles came to a stop. Years later, a journey shaped by his father's past began leading Ari toward Motorcyclist, RevZilla and a career neither of them could have planned.

Numbers are down at the traditional motorcycle rallies. Way down, depending on who you talk to. And who hasn't had more than enough of fat old men on Harleys blatting about at 25 mph making enough noise to wake the dead? Perhaps it's time to stage a revolution. (Peacefully, of course!) The backbone of the cruiser movement--the baby boomers--are doing their part by dying off, but what are the rest of us doing to resurrect rallies from a slow death? Texan Robert Pandya has an idea. Why not turn Sturgis into an ADV rally? The riding is spectacular, the scenery is stunning and, once all the classic rock bands are put out to pasture, maybe even the music will be tolerable. (Daytona, however, remains hopeless. Can't think of a less interesting place to ride a motorcycle. No offence, north Floridians, but geography has not favored you.) Give the Lowdown Radio Show a listen and let us know if you'd go to an ADV-based Sturgis rally. Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us Fan MailA big adventure bike can take you somewhere wild, but it can also take you somewhere quieter: back into your body, your attention, and the part of your mind that finally stops racing. That is where Chris Woodard lives as an adventure motorcycle instructor, and it is why his approach to ADV riding feels like more than drills and cone patterns. He calls it wind therapy, and he makes a strong case that the real payoff of motorcycle training is presence, confidence, and emotional steadiness that follows you long after the ride ends.Chris shares the unlikely route that brought him here, from learning the hard way as a young soldier to building professional skill as a motor officer, then stepping into the world of rider coaching and MSF certification. We talk about the moment a heavy BMW GS Adventure met a sandy washout and nearly broke his will, and how one stranger's calm advice changed everything. From there, Chris explains how he trains riders across three levels, why he takes students off the range to build real muscle memory, and how riders can book sessions through his website, including options for travelers flying into Phoenix and potential fly-and-ride logistics.What makes this conversation unique is where the riding happens and what it includes. Through Civlik ADV Training and Tours, Chris teaches and guides on the Gila River Indian Community, weaving Indigenous culture, sovereign land access, petroglyphs, and living history into the trail itself. We also dig into the idea of “adventure vs purpose,” the kindness of the motorcycling community during solo BDR stretches, and why Chris believes the best bike is simply the one you are riding, whether it is a GS or even a scooter.Learning More:   https://sivlikadv.com/Become a Member: https://www.buzzsprout.com/2126578/supporters/newBuy Ron a Coffee: https://buymeacoffee.com/peacelovemotoGear Up at the Shop: https://peacelovemotostore.com

Download “How To Find Ultra High Net Worth Clients" from https://financialadvisorsworkshop.com/ Peggy Martin is a financial advisor based in the San Francisco Bay Area (Morgan Hill, CA) with over 35 years of industry experience. Partnering with her husband Craig, Peggy specializes in wealth planning, legacy strategies, and holistic financial guidance, taking a deeply compassionate, high-touch approach to working with families, seniors, widows, and widowers. Backed by advanced industry designations—including a ChFC®, Master's in Financial Services, and Charter Advisor for Senior Living—Peggy combines analytical precision with empathetic hand-holding, building a thriving, referral-driven practice rooted in genuine community involvement and relationship-building rather than cold marketing.In this episode, Brian and Peggy discuss:Transitioning from Insurance to AUM: Moving away from transactional sales toward full-service financial planning that stabilizes client emotions during volatile markets.The Power of High-Touch Client Care: How face-to-face reassurance saved a client from panic-selling at the bottom of the market.Organic Client Growth Through Community Work: Building a high-net-worth client base naturally through non-profit leadership, local volunteerism, and authentic connections.Escaping the Solo Advisor Trap: Reclaiming time and bandwidth by leveraging back-office support for trading, compliance, and administration while maintaining full operational autonomy.Website: http://www.healthywealthyfamilies.net/ https://fourstarwealth.com/staff/peggy-martin LinkedIn: https://www.linkedin.com/in/peggy-martin-msfs-chfc-clu-casl-190059a/ To see short videos of all our best FA Business Growing tips follow us on: Instagram: https://www.instagram.com/FinancialAdvisorsWorkshop  TikTok: https://www.tiktok.com/@faworkshop  YouTube: https://www.youtube.com/@financialadvisorsworkshop Facebook: https://www.facebook.com/FinancialAdvisorsWorkshop  Twitter: https://twitter.com/FAsWorkshop  iTunes: https://podcasts.apple.com/us/podcast/financial-advisors-workshop-with-brian-kasal/id1614768408  Spotify: https://open.spotify.com/show/4OB78889GRx2FHjvWtsyeE  Website: https://www.financialadvisorsworkshop.com/  Work with FourStar: https://financialadvisorsworkshop.com/Advisors  DISCLAIMER: This content is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov

Marc Weitz had never owned a motorcycle, wasn't much for a plan and had three sources pointing toward two different routes. Then he rented a bike in Kabul and set out across Afghanistan toward the Minaret of Jam. Which route would he trust—and how would he know whether he was still on a road at all?

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  In this episode of Today's Market Explained, Brian Kasal and Chris Reardon analyze the key drivers behind current market movements across asset classes, sector performance, and broader economic indicators. From energy's massive 43.71% year-to-date surge to gold hitting historic record highs above $4,400, they explore where market strength lies, how inflation is weighing heavily on consumer sentiment, and what to expect from upcoming Fed policy decisions.

NFL Preseason Week 2 is almost in the books, and Ray G is breaking down the biggest fantasy football winners, losers and market movers from across the league. Shedeur Sanders looked better in Cleveland while Deshaun Watson continues to raise questions. De'Zhaun Stribling keeps building momentum in San Francisco. Ashton Jeanty suffered a concerning injury during practice while we were recording live. We also get into Tetairoa McMillan, Jonathan Brooks, RJ Harvey, Bo Nix, Javonte Williams, Marshawn Lloyd, JJ McCarthy, Cam Ward and more. The goal is simple: separate what actually matters for fantasy football and dynasty from what is just preseason noise. These preseason reaction shows are recorded live inside the DD Fantasy Football Discord every week, with the community reacting to games, news, trades and player movement in real time.

Want to work with me 1 on 1? Visit my online tennis club for a free 7 day trialhttps://www.skool.com/stokke-doubles-academy/aboutWant to get free personalization from ADV and 10% off? Visit their page herehttps://www.getadv.com/jstokketennis

Adventure motorcycle training is everywhere today—but who worked out how these big motorcycles should be ridden off pavement, and how did those techniques become a formal curriculum? Clinton Smout joins Jim to explore where the training came from, why standards matter, and what riders of any brand should realistically expect from a professional course.

NFL Preseason Week 1 is in the books, and Ray G is breaking down the biggest fantasy football winners, losers and market movers from across the league. Ty Simpson impressed in his Rams debut. Emmett Johnson is making noise in Kansas City. De'Zhaun Stribling continues to look like a player we may need to take seriously. Meanwhile, Cam Ward and the Titans left plenty of questions after their first preseason action. Ray also dives into DJ Moore's fit with Josh Allen in Buffalo, KC Concepcion, Ja'Kobi Lane, Anthony Richardson, Jadarian Price, Malik Willis, Mark Andrews, Jeremiyah Love's injury and much more. Which preseason performances actually matter for fantasy football, dynasty and your 2026 drafts — and which ones are just August noise?

Overland Journal Podcast host Ashley Giordano welcomes Bettina “Bea” Höbenreich and Helmut Koch to discuss the impacts of returning to ADV basics, answering the question “How minimalist can you go and still function in expedition conditions?” Join us as Bea and Helmut share their incredible journey of traveling the world on vintage 50cc motorcycles, exploring Australia's rugged landscapes, and the life-changing lessons learned along the way. Discover their tips on gear, logistics, and embracing simplicity for adventure. In this episode, Bea and Helmut share lessons learned from the past 20 months in Australia, riding two 50-year-old 50cc two-stroke Kreidlers. Time to Ride: Website | Instagram | Facebook | YouTube Tune in Apple Podcasts | Spotify | YouTubeSee omnystudio.com/listener for privacy information.

We spend a lot of time making motorcycle travel easier. More reliable bikes, GPS navigation, online bookings and help that may be only a message or a call away. Jacqui Furneaux has spent years travelling very differently. Her old Royal Enfield has broken down, she's relied on maps and strangers for directions, and she often leaves room for not knowing exactly what happens next. Some of the experiences she values most happened precisely because something didn't go according to plan. So as motorcycle travel becomes safer, easier and more predictable, what are we gaining — and what might we be insulating ourselves from? Are we engineering some of the adventure out of motorcycle travel?

Want to work with me 1 on 1 to improve your doubles game? Click here to start a free trial:https://www.skool.com/stokke-doubles-academy/aboutWant to check out the amazing gear at ADV? Check my link below for 10% offhttps://www.advtennis.pro/JONATHAN70538On today's episode we talk:1:12 Transitioning to doubles4:24 Volley fundamentals6:36 Slam Finals9:06 Going from grass to clay11:02 New doubles partnership15:57 Why he learns quickly17:45 Learning from his younger brother19:40 Difficulty of traveling21:43 Watching video23:22 Best advice for the 4.0 player

Loading an adventure motorcycle changes far more than its weight. It affects the bike's balance, suspension, braking, maneuverability and traction—and can make familiar terrain feel completely different. Clinton Smout explains how to pack the bike properly, why weight placement matters, what changes once the motorcycle is loaded and what riders should consider before setting off.

ClevelandMoto 559 Show Notes: Catch us tonight live at 8pmhttps://www.youtube.com/@ClevelandMoto/streamsThe Mini-Bike King Greg Castillo is in the house!Aprilia has a new scooter, is it ADV enough? Is $7299 too much? https://www.revzilla.com/com.../aprilia-sr-gt-400-first-lookVAG didn't say they "Weren't Selling Ducati" so, I guess that means they're selling Ducati. https://www.rideapart.com/.../patritalia-spa-supposedly.../Over 16,000 BMW S1000RR's may just decide to shut off, whenever the hell they want. https://www.usatoday.com/.../bmw-recalls.../91087966007/...AMA Vintage Motorcycle Days Wrap up - hear about all the shenanigans.Support the showRemember folks...Ride Fast and Take Chances! check out our Youtube channel at https://www.youtube.com/c/ClevelandMoto

Motorcycle traveller Andy Scherer was riding alone through a remote part of Mexico when a series of troubling encounters led to armed roadblocks—and his abduction. In this episode of Deep Trouble, Andy and his daughter Leslie share what happened, the decisions he faced and what other motorcycle travellers can learn from the experience.

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  The markets are stabilizing after weeks of volatility — equities are regaining strength, sector leadership is rotating back toward growth, and earnings continue to surprise to the upside. At the same time, oil prices remain volatile due to geopolitical tensions, inflation is ticking higher again, and consumer sentiment has dropped to record lows, creating a complex and uneven economic backdrop.In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the forces driving today's market movements across asset classes, sectors, and corporate earnings. From blockbuster bank earnings at JPMorgan and Goldman Sachs — boosted by a 26% jump in investment banking revenue following SpaceX's massive $1.74 trillion IPO — to high earnings expectations volatility hitting AI infrastructure suppliers like CoreWeave and Nebius, they explore where leadership is moving next. 

With Josh Tomolak, Vice President of Independent Advisor Services, Diamond Consultants Louis Diamond and Josh Tomolak unpack today's IBD vs. RIA landscape, explaining what has changed, where each model excels, and how to determine which path best supports the business you want to build. In Summary The independent wealth management landscape has changed dramatically, making the decision between an independent broker dealer (IBD) and an RIA more nuanced than ever before. Louis Diamond welcomes Diamond Consultants' Vice President of Independent Advisor Services, Josh Tomolak, for a practical discussion of how the independent space has evolved, what truly differentiates the IBD and RIA models today, and how advisors can evaluate which path best aligns with the business they want to build. The Storyline Not long ago, the decision to become independent was relatively straightforward. Advisors either remained with a traditional firm or pursued independence through one of a limited number of models. Today, the conversation is far more complex. Independent broker dealers have significantly expanded their capabilities, offering stronger technology, larger transition packages, greater flexibility, and even pathways to RIA ownership. At the same time, the RIA ecosystem has matured into a sophisticated marketplace supported by multiple custodians, outsourced service providers, institutional capital, and enterprise platforms that rival many of the industry's largest firms. As these developments have unfolded, the traditional distinctions between an IBD and an RIA have become less obvious. Advisors evaluating their options are no longer simply asking whether they should become independent—they're asking which model best supports the clients they serve, the business they envision, and the lifestyle they want to create. In this Industry Update, Louis and Josh unpack the realities behind the IBD vs. RIA decision. They discuss where the two models overlap, where meaningful differences still exist, and why factors like service, technology, economics, operational responsibility, enterprise value, and long-term optionality often matter more than labels alone. Whether you're considering changing independent firms, launching your own RIA, or simply want a better understanding of how the independent landscape has evolved, this conversation provides an objective framework for evaluating today's choices—and preparing for tomorrow's opportunities. Topics Covered Independent Broker Dealer (IBD) vs. RIA models The evolution of supportive independence Technology investments across the independent space Transition support and advisor mobility Capital solutions and recruiting economics Business formation and enterprise value Launching an independent RIA Multi-custodial platforms and open architecture Minority investments and succession planning Future trends shaping advisor independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are already-independent advisors reconsidering their current model? (5:27) Josh explains why service, technology, economics, and growing optionality are causing advisors to reevaluate their existing affiliations. How have independent broker dealers and RIAs become more alike? (19:28) Louis and Josh discuss the growing convergence between the two models and why the distinction is becoming less obvious than many advisors assume. What really separates an IBD from an RIA? (25:04) A practical discussion of autonomy, compliance, flexibility, custody, economics, and advisor experience. What misconceptions keep advisors from launching an RIA? (36:29) Josh outlines the “Four Pillars” of launching an RIA and explains where advisors tend to either overestimate or underestimate the operational realities. Which advisors thrive most in each model? (33:12) The conversation explores why there isn't a universally “better” model—only one that's better aligned with an advisor's goals. What trends are quietly reshaping independence? (42:13) Minority investments, enterprise value, business formation, and changing revenue models may have an even greater impact than advisors realize today. Key Takeaways Independence has evolved from a destination into an ongoing strategic decision. Independent broker dealers have significantly improved technology, transition support, economics, and flexibility. The RIA ecosystem has matured into a highly sophisticated marketplace with broad outsourcing and support options. Choosing between an IBD and an RIA should begin with long-term business objectives—not industry perceptions. Building a valuable business depends more on business structure and scalability than simply growing assets. Advisors considering independence should evaluate models with an open mind rather than relying on outdated assumptions. The next decade will likely bring continued convergence between independent business models. https://youtu.be/jHDVso2TsmQ Quotable Moments “The question is no longer, ‘Do I want to go independent?' The question is, ‘What kind of independence makes the most sense for my clients, business, and goals?'” “Business formation is far more important than assets under management.” “The way you build your business will ultimately determine how valuable that business becomes.” “Everything in an RIA is going to cost you either your time or your money.” FAQs Is there still a meaningful difference between an IBD and an RIA? Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Why are more independent advisors changing firms today? Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Is launching an RIA easier than it used to be? Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. Does every entrepreneurial advisor belong in the RIA model? No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. What matters more: assets under management or how the business is built? Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. What's the biggest mistake advisors make when evaluating independence? Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Related Resources IBD vs. RIA Comparison Guide IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider 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. View the transcript of this episode… IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and goals?” Josh shares what he’s seeing across the landscape, the misconceptions that continue to shape advisor thinking and the factors that matter most when evaluating the next chapter of an independent business. There’s a lot to discuss, so let’s get to it. Josh, thanks for joining me today. Joshua Tomolak: Thanks for having me, Louis. It’s a real privilege to have come. This is a full circle moment for me going from being a student of your podcast, to working alongside you, to being a guest. So I appreciate you having me. Louis Diamond: Amazing. I’m excited for this one too, because you have a fresh and in the weeds perspective that a lot of our guests simply don’t have. So why don’t you start off, you spend your time helping advisors evaluate independence every day. So working with advisors who are already independent, for the most part. And to me, it feels like the independent space has really evolved dramatically over the last decade. I mean, this podcast is really the epicenter of that to prove that out, but give us a little background on your past roles in the space and then we can get into what you’re seeing right now. Joshua Tomolak: Yeah, I’d be happy to. So I took a very non-traditional path into wealth management. I spent a decade as a deep sea Navy diver, and upon completing my service there, I ended up working for TD Ameritrade. And in my role there, I spent about six years doing nothing but helping financial advisors explore the RIA space, whether that was to join or partner with an RIA, sell to an RIA, or in most cases, launch their own RIA. And one of the things that I ultimately came to terms with is it’s just not the right model for everybody. While I’m a huge advocate for it, we would often lose business to the major broker-dealers of the world. And at the time, I really didn’t understand why. In the last six years at Diamond Consultants has been a very interesting purview into what a lot of the broker-dealers have done and are doing to make themselves more RIA-ish and be very compelling to the right advisor. Louis Diamond: Perfect framing. Your background is incredibly germane to the folks you work with. So let’s start off with the softball here. What are you seeing right now? Joshua Tomolak: It’s not so different than the rest of the industry, the wirehouses, the regional firms, things of that nature, that if you took 10 firms, they’re all likely to go different directions, even if they were identical practices. That could be… A third would go from an independent broker-dealer to another independent broker-dealer. Certainly the supported RIA space is growing every day and has created a lot of very fun and unique solutions for advisors, very customized and curated. And then I think there’s still a lot of really great sophisticated teams and individual contributors that are making the decision to go hyper entrepreneurial and launch their own individual RIA. So the movement’s really all over the board from my perspective. Louis Diamond: It does feel like it’s no longer independence is an alternative option or it’s on the fringes. It’s very front and center whether for breakaways, which is a big topic on our podcast, but in general, the infrastructure has become much, much more sophisticated today than ever before. Advisors have way more tools in their toolbox to serve clients, whether in the private markets or through technology. And it’s no longer that if an advisor’s independent, they’re in the minor leagues where they don’t have the same ability to serve clients like they did if they’re at a big bank or a private bank or a wirehouse. Do you agree? Joshua Tomolak: I absolutely agree. And I’m reminded of a question I got one time from a great team that I worked with in New York. They asked me, “Are there really more options than ever before? Because all we see is one firm selling to another.” And I think that’s a really great point. There’s far less broker dealers on the street than there were even five years ago. But for every Commonwealth, for example, that sells to an LPL, up pops three or four really cool private equity-backed, sophisticated RIA platform firms that are built to service their own unique advisor base. Louis Diamond: I think that’s right. Sitting on the sidelines, sitting on top of everything going on in the industry, I feel like capital is always an interesting topic forever. If an advisor wanted to move within the independent world or break away from a big firm to go independent, the only way to get capital was to go to an independent broker dealer. So we still see that, but I feel like today between all these minority acquisition opportunities, we’re seeing firms acquire practices at time of transition, which is somewhat new. There’s debt solutions, recruiting deals are way up for firms that are paying forgivable loans. RIAs now would, in some cases, will pay a forgivable note. What are you seeing there as far as the availability of capital and just deals in general? Joshua Tomolak: It’s a great question and I didn’t want to take the low-hanging fruit, but capital’s been a huge innovation, I guess, in the last five years I’d say. Just to give you rough quotes, please don’t hold me to it, but traditional transition broker-dealer deals were five years ago, 40 to 60% of Trailing Twelve revenue today are somewhere between 90 and 120%, sometimes north of that for the right team. That’s really meaningful money for the team that is thinking about foregoing a wirehouse deal, for example. I’d also say a lot of these firms are getting hyper-creative in how they solve for capital. The minority investment piece that you mentioned is very interesting. We’re seeing a lot of privatized forgivable notes in the RIA space where third-party or private lenders are basically lending the money and the RIA is making the payments on that forgivable note as long as the advisor is affiliated with them. So there’s been a recognition among the RIA space to get away from the, “Oh, they just took a check” type of mantra, and to say, “Look, I understand there are capital needs. These people are taking a risk. We need to solve for that.” So we’ve seen a lot of that in the marketplace. Louis Diamond: Very interesting. I think another thing financially, and then we’ll keep the train moving, that I know I’ve seen, and maybe you can weigh in if you’ve seen the same, is the cost to an advisor or a business owner to join an independent BD or to join an RIA has come way down, probably in part because of Schwab going to zero on trading. That’s been a catalyst. But it feels like we used to say independent BDs were expensive relative to the RIA world. And in some cases, they certainly could be. And if you’re at scale, maybe you can pick up a point or two being in the RIA world versus a BD. But when you have some of these BDs that have a basis point admin fee or no admin fee at a certain size and the payouts I feel like are similar, maybe have gone up a little bit, but it’s more so like the administrator fees, the platform fees, the program fees. Anyone who’s not in that world, it’s like, “What are you talking about?” But basically the way that these broker-dealers make money, it seems like there’s been a pretty big differential in the exchange of value where advisors now get more services, better technology, get more money to join them and get it at a lower cost. Do you agree? Joshua Tomolak: I absolutely agree. I think that maybe that’s one of the larger changes that we’ve seen, and it’s probably one of the benefits from a lot of the industry consolidation on that independent broker-dealer side. The economies of scale of these folks have allowed them to increase their tech spend, increase their service capacities all while offering it to the advisors at a cheaper price. And when I was at TD Ameritrade, one of the biggest pitches was the idea of a 100% payout and you control the fixed expenses, your technology compliance, et cetera. But what’s changed is that broker-dealers are pretty darn comparable on the expenses. All of those admin fees and things you mentioned will still exist, but they’re on a much smaller scale. And I think the question a lot of advisors are asking is, “Am I getting congruent value from my broker-dealer for what I pay for?” And while that answer might’ve been no a couple years ago, today the answer is more often yes. Louis Diamond: Yeah, I would agree. A lot of times we work with advisors who are starting an RIA or affiliating with an RIA or going to a BD and they see how big the deals are in the independent BD world and the payouts are really high and the fees are relatively low. And honestly, it is a hard decision or calculus to make, like, “How does it make sense for me to turn down this extremely lucrative deal when my ongoing economics are going to be somewhat similar in the BD world versus in the RIA space?” I think it’s just an interesting dynamic and we’ll get more into that distinction. One of the stars of the show right here is we’ve seen a ton of advisor movement across the industry. Our annual advisor transition report said that in 2025, over 11,000 experienced advisors changed firms, which is a large number. A lot of those numbers are within the independent world. So advisors who are 1099 through a BD or through an RIA transitioning to another platform or organization or starting an RIA. So why do you think we’re seeing so many advisors reconsider their current firm or their platform or their broker-dealer today than in years past? Joshua Tomolak: It’s a jarring number. 11,000 is definitely a significant amount of advisor movements. To me, it comes down to a few things, but I will say that it’s almost always a conglomeration of pushes and pulls. Pushes being inherent frustrations with your status quo, pulls being the new sexy, shiny things that you see in the marketplace that could be really impactful for your business. To me, it typically comes down to one of three things, at least on the push front, that drives advisors to movement. Service being number one, technology being number two, and economics being number three. And if we were just going to unpack those, I think service being, “Can you call somebody that knows your business, that knows your name? Are you getting the correct answers? Are you being pushed through a phone tree? And even if you’re not doing it, is it taking up a meaningful amount of time of your staff’s free time?” On the technology front, there’s very significant tech spends happening in the industry right now. I think Raymond James and LPL reported, for example, they spent 500 million in 2025 on a tech spend. So advisors are going to the places that are making their life easier. People are looking for a mechanism to really scale their business without having to add staff and a lot of expenses to the bottom line. And technology is just the fastest, most efficient way to do that most times. And then economics, certainly a lot of advisors and teams have built phenomenal businesses and they’ve made a great living without really stressing out about the economics. And they eventually get to a point in their business where what they were giving up as a million dollar producer is far different than what they’re giving up as a $4 million producer. And back to the congruent value, it perhaps stops to make as much sense. Louis Diamond: Well said. I always say when the cost-to-value ratio is out of whack, that’s when advisors sit up and take notice. And not to name names of firms, but there definitely are firms that are more expensive. And even if you look at how much a wirehouse or a Ed Jones advisor paid their firm, it’s like, “What got me here is not necessarily what’s going to get me there.” And while the name on the business card, the resources were incredibly impactful, and I’m so grateful for what my firm, my broker-dealer did for me when I was just starting or when I was smaller. Now the business is bigger, I rely upon different resources or I don’t need the firm as much. So I’d rather plow the cost savings either into income for myself or invest it in areas that are most germane to my business. And it’s usually when that kind of light bulb moment goes off, that’s one of the major pushes that cause advisors to evaluate other options. So I agree with you, those are the major push factors, but then what are the pull factors? What are the major advancements or changes across the independent space that’s causing advisors to say, “Hey, okay, I might have some frustrations, but at the same time, I also need to find something that’s more than marginally better than the firm I’m at. Otherwise, why am I going to go through the hassle, take the risk, et cetera? So what are some of the pull factors that advisors are latching onto today? Joshua Tomolak: Sure. And I might say with one final push factor, there’s a straw that breaks the proverbial camel’s back when you’ve been told for however many years that this change or that change is coming down the pipeline and it never happens. And it translates well into the pull factors is do they do what they say they’re going to do? The talking points really for the pull factors are exactly the same. So the counterpoint to service is perhaps having a direct relationship with the chief compliance officer at a firm or having a dedicated service representative that knows their stuff inside and out and can get you the answer even if they don’t know it off the top of their head. Having the technology to rebalance a household in two clicks instead of two hours. In economics, I think it’s really a transparency of economics. We’ve both worked with some really significant firms that have looked at their P&Ls and said, “where the heck is the money going?” And we’ve looked at the same P&Ls and said, “I have no idea,” because it’s so convoluted. People are happy to pay for good service, good technology, good products, but they just want to know where the money’s coming from. So I think it’s a yin and yang. The same things that they’re the push are often the pull. Louis Diamond: Definitely. I’ll give you a couple other from my perspective. I’ll say first specific to the independent BD world, and then we’ll dive into the RIA, I think it’s a little bit different. But I think some other will say innovations or changes that are causing advisors to really perk up and listen and really make the case to themselves that life will be better at this new organization than the status quo or staying put. We’ve seen major advancements in transition support, whether it’s being able to do a transition without a shred of paper, being able to… I mean, we’ve seen some independent advisors move their entire book within two weeks, which never would’ve happened before. So the firms that I’d say are playing offense, the larger firms that are winning, they have insane headcount around transitions and are always investing in technology, whether now on the AI front or in general. And we’ve seen transitions, they’re never easy. So that’s not a comment to say it’s easy, but a lot of the friction, a lot of the manual work has been taken away, which is massive. You definitely mentioned the significant technology spend. I mean, just the innovations going on across the industry. There’s definitely some firms that are laggards on technology and others that are light years ahead, whether because their tech is more integrated or they’ve built out their platform to be more, we’ll say modular, to plug in different third-party softwares where an advisor can really customize and create their own tech stack. I think there’s been some changes on compliance. It used to be if you’re at an independent BD, you had to be the OSJ by yourself or you had to roll up under an OSJ. But now most BDs offer home office supervision, so a big friction or pain point is taken away. And then I’ll give you a bridge to talk about what we’re seeing on the RIA side. But we’ve also seen, I would say, a real blurring of the lines between what you would traditionally think of as an independent broker dealer versus what was an RIA. So whether it’s an internal pathway where it’s like, “Start off on our independent BD platform, get the big deal, get the support, but then you can ditch that and just use this as a custodian or you can sell the business to us when you want to retire and convert to W2.” So in that vein, transitioning internally to an RIA, give me the same points like, “What are the major advancements or changes you’re seeing on the RIA side today?” Joshua Tomolak: I love that you said that because it’s been one of the most interesting changes to watch. Independent broker dealers becoming more like RIAs, and to your point, being more flexible, having more optionality, a more curated experience in some cases. And in many cases becoming closer to independent broker dealers with some of these massive shops that we’ve seen be created over the last five years that now have hundreds, if not thousands of advisors. To your question on the internal RIA slide as we sometimes call it, this really didn’t exist many places a few years ago. And I think it’s been created as both originally a retention tool in many places for the advisors that were with a major independent broker dealer and they ultimately wanted to have their own ADV and their own RIA. And the firm didn’t want to lose all the assets to an independent custodian so they gave them the green light to… And it’s ultimately became a sales tool in many cases. Just to use a couple of examples across the industry, I mean, Raymond James has Raymond James Custody Services, which has attracted a lot of really sophisticated teams. I know Wells Fargo Finance done something similar and even the counterparts over at Cetera and Osaic are trying to do the same thing. So it’s a recognition in my view that we want to keep the best talent possible. And if these folks are ultimately going to go RIA anyway, it’s less about the money and more about the flexibility and control that it offers them. So what can we do to keep those folks on board? And rightfully so, a lot of senior management of these firms have said, “Let’s not lose these teams. It’s going to be a lower margin business for us, but at the rate that they’re growing, it’s going to pay off in the long run.” Louis Diamond: Well said. RIAs are now more mainstream. And some of these RIAs, they’re either resembling independent BDs or I would even go so far to say the valuations that are even publicly available on some RIAs is definitely having people take notice. I mean, Cerity Partners recently raised capital at an over $8 billion reported valuation. Crescent was well over a billion. Firms like Mariner, Creative Planning, Mercer, Wealth Enhancement Group, and there’s many that I’m missing, are all worth a couple billion dollars or more and growing. Do you think that’s had an impact on the legitimacy or the staying power of the RIA model? Joshua Tomolak: Oh, absolutely. There’s no doubt about it. I mean, those groups that you mentioned and many more are winning some of the biggest teams on the street. I mean, if you pull up a run-of-the-mill advisor hub article, for example, you’ll see as many of those RIAs win significant businesses as you will their broker-dealer counterparts, partially in my opinion, due to the massive valuations these firms are fetching. And it’s much more of a partnership in the sense that joining a Crescent or a Wealth Enhancement Group, as you mentioned, you’re a part of a boutique group of maybe a couple of hundred very sophisticated high-producing advisors all playing under the same banner, all rowing in the same direction, and that creates substantial growth. Louis Diamond: Exactly right. I think two other things to me that’s driving the legitimacy or the growth of the RIA segment, there’s so many different outsourcing solutions that have popped up, whether it’s more of a… We’ll say a bundled or a package outsourcing solution through firms like Dynasty and Sanctuary. LPL has done a ton with having a shared services outsourcing model. So you have those. But you also have, I mean, probably 10 different firms I could think of that can be an outsourced chief compliance officer. You have tons of marketing agencies that specialize in helping RIAs. You have all these FinTechs popping up to support the RIA space. Really, it’s like anything and everything can be outsourced now. And even the big Wall Street banks like UBS, Merrill, et cetera, they’re attempting to sell and distribute product into the RIA space. Venture funds, private equity funds, anyone you talk to is trying to get a piece of the RIA space, which means there’s more product and platform availability than ever before. And I think it’s massive because one, it’s a catalyst for teams who say, “I love everything about the RIA world. I just don’t want to do it on my own,” or, “I don’t know where to start.” But also it means that they can look their clients in the eye and say, “Hey, not only do I have the same stuff that I had for you at XYZ firm, I can actually do more for you.” And even if you look at what the custodians are doing on the lending side now, Schwab owning a bank is massive and being able to facilitate mortgages, securities-backed loans, things that didn’t really exist in the past. I think it’s a very exciting time for advisors either that are independent or are considering the independent space because you have all these choices and it’s really like, “Choose your own adventure. Give me your top five things you want.” I’m sure it exists and we can find it and make it happen. And I don’t think we’d have the same confidence in that statement 5, 7, 10 years ago. Joshua Tomolak: I couldn’t agree more. That’s such a huge development is the marketplace of third party vendors in any kind of capitalism environment. There’s problems that people encounter and there’s really smart people that are trying to make a lot of money that go to market to solve them. And we’ve seen a ton of that over the last few years. Louis Diamond: Exactly right. Yeah, it’s like also… If an advisor looks around and says, “Hey, this is what I want,” and it doesn’t exist, oftentimes that’s a light bulb moment to be like, “Okay, I’ll go build it. I’ll do it on my own.” Whether it was Stewart Partners when they launched a number of years ago or Hightower, Dynasty, et cetera. They were all started by people that said, “Hey, I see a big gap in the ecosystem. Let’s create a business and raise capital to go solve it and then deliver this service to other like-minded advisors or business owners.” Honestly, it’s a treat to be able to watch all this happen in real time. We probably should have laid the groundwork with this next question, but I think it’s an important one. What’s the difference between a independent broker-dealer and an RIA? Really basic foundational. It sounds like the lines are blurred. There’s probably a lot of similarities. Advisors are successful in both. It’s not like one’s better than the other. How would you explain the differences, if a client of ours asked, “What’s the difference between an independent broker-dealer and IBD versus an RIA”? Joshua Tomolak: Get into the core of it. Again, the lines are blurred, and I’ll stay very high level on the strategic differences, but I like to use this example. I drive a Toyota Tundra. Really like the truck, gets me from A to B. Now, if I were getting to a point where I wanted a new vehicle, if I were to go get another Toyota Tundra because I really like a lot of aspects of it, but I want the one with the bigger screen and the bigger tires and the power seats, and I have rolled down windows because I have a fear of drowning. But if I want a lot of the bells and whistles, but I want to keep the foundation, that’s what I align to a independent broker-dealer to independent broker-dealer. You like the foundation of everything all under one roof. You like a lot of the resources, but you have some meaningful frustrations and you want to see if another provider in the market can solve for those or you can upgrade. If I instead, Louis, decided that I wanted a sports car or a Jeep Wrangler or something, I would be looking at a different category altogether. That’s how I articulate the platform space. They provide the same services and support in many cases that an independent broker-dealer does, think of marketing and a tech stack and regulatory oversight and a fellowship in a community, but they’re built on an RIA TC registered chassis. They’re typically far more customized so you can shop the street to get a lot more of the things that you like, though you are walking away from maybe some of the things that you’ve liked in the independent broker-dealer model. So I guess that’s the highest level I might explain it, just a little bit more minutia in any broker-dealer is going to be a FINRA registered, FINRA member broker-dealer. So they’re subject to the FINRA rules, which basically means it’s the compliance interpretation of those rules that they have to follow. So LPL’s rules may be slightly different than Cetera’s than Ameriprise’s because it’s based on their interpretations of the rules. In the RIA space, everybody really operates on the fiduciary standard. So it’s just a different lens that from a compliance standpoint, business is looked at. And a lot of people would make the argument that it’s just easier to get things done when you’re looking at something from that lens. I might’ve gone too compliance nerd on you there, but I’d be curious what you think some of the major differences are. Louis Diamond: Yeah, I think that’s right. I mean, it sounds like if you’re in the RIA world in some capacity that you as the advisor or business owner are going to have a little bit more control and autonomy and flexibility. One, do you think that’s true? And what are the reasons why that is? Is it platform? Is it strictly just compliance is easier? What are the different ways that an RIA would have more or less flexibility than someone who’s with an independent BD? Joshua Tomolak: Yeah, I think it’s overwhelmingly true, but it certainly depends on your business. Within most RIA platforms, you’re going to be one of a couple dozen, maybe a couple hundred, where you’re going to have people within that firm that really know your business. So the experience in getting things done is much less about, “Can I do this,” or, “Can I not do this?” And it’s, “Louis, I understand you asked for this. We’re going to run into these issues, but let’s figure out how to get to yes.” So it’s far more curated by people that are not operating on black and white rules and can actually figure out how to get to yes for your business. The other thing I would say is that most significant RIA platforms have multiple custodial options. So many times you’ll see as few as two or as many as five. So if an advisor or a team is trying to bring on a new piece of business or do something creative, that might be something they can use a different custodial relationship to accomplish. It might be something that Goldman Sachs does really well but is in its infancy at Fidelity, or it might be international business that’s approved on Pershing’s platform but not Schwab’s platform. So the RIA partner that you’re with can really look at those custodians agnostically and say, “What’s the best home for this business? What’s the best way to get this done for Louis?” There’s a couple examples of where I see the flexibility in practice. Louis Diamond: Yeah, I think one more too would be the concept of being able to shop the street. I’ve heard it described as becoming a buy-side advocate for your clients versus being a professional seller. So meaning, if I’m affiliated with an RIA or I’m operating my own RIA, there’s no selling away like there is at a wirehouse or at certain BDs. So if I have a client who’s trying to get a $10 million loan for a new building that they’re breaking ground on, if I’m at UBS, Merrill, Morgan Stanley, captive to a BD, I can go to my firm and say, “Hey, this $10 million loan, here it is. What are the terms? What are the rates? Will you take on this business?” And the firm will say, “Yes. No. Yes, here are the terms. Here’s the caveats, et cetera.” But it’s a very closed market process and an advisor has to live and die by what their firm says. Versus in the RIA world, it’s, “Okay, I have relationships with nine different banks and I can go to these different banks and private credit funds and whoever and really create either an option process for my client or really just help them in a fully agnostic open way.” And we see the same thing when it comes to alternative investments. No one at a wirehouse, let’s say, is complaining that they don’t have enough alts that they can offer clients. Those firms have done an amazing job with really boiling the ocean and having tons and tons of options for private investments, hedge funds, et cetera. But if you’re in the RIA world, you can take it to the next level and say, “Hey, this $3 million startup company that my friend is starting, I’m going to help them raise capital,” or, “My client wants to get a syndicate of investors together to have a direct investment into a qualified opportunity zone fund that they’re starting. Let’s do it when we can advise on it.” So it really expands what an advisor is able to do on behalf of clients. Like to me, that’s the most interesting or exciting part of the RIA model. You can get some of that within the BD world, but to me, when an advisor’s business becomes more sophisticated as far as what their end client’s needs are, it tends to translate better to the RIA world than the BD world. Not to say there aren’t ultra-high net worth focused advisors at BDs, but because of that additional flexibility, autonomy, customization, et cetera, that speaks more RIA. So again, absolutely not down at all on the independent BDs because I think there’s a massive home for them. Josh, let me turn it back to you. I’m rambling now. Give me the pitch for an independent BD. What are the things that are misperceptions that people have? What are the advantages that an independent broker dealer like an LPL or a RayJ or a Cetera have over RIAs or over other models in general? Joshua Tomolak: Absolutely. And I’d say I’ve learned more over the last six years from some of your ramblings than most people learn in an MBA course, so keep doing what you’re doing. But it’s funny being in this position now, having spent so much time sort of selling against the IBD model within TD Ameritrade, but what I’ve learned is it’s a good home for everybody. And a lot of times the advisors that they’re entrepreneurial enough where they like having their name on the door, but they’re not so entrepreneurial where they want to build everything out themselves, that’s where the independent broker dealers absolutely kill it. Their economics have gotten to a point where they’re really competitive. They offer transition capital that isn’t even going to be comparable in the RIA space unless you’re selling a minority share of your business. And you mentioned LPL, or we could really list all of the major ones, there’s not a department that they don’t have. It could be as nuance as finding 403(b) payroll slots or it could be as mainstream as fixed income or setting up events. There are all kinds of really neat departments that these all under one roof independent broker dealers have invested in. And a lot of times they make an effort to make you very much aware of all of the support because most people don’t use it. So I would say for the advisors that are looking to get their improved Toyota Tundra, then you can get probably 70 or 80% of what you want within the independent broker-dealer world. And you can also keep 20 or 30% of the stuff, maybe more that you really liked at your previous firm. So I think that’s where it really shines. I sometimes call it an incremental change rather than a transformational change. But for many advisors, incremental is really good enough if you get to keep the familiarity of how you’ve been doing business for the last 20-some years, but you’re able to get net improvement on the things that were really bothering you. Louis Diamond: Well said. Something that I’ve seen that’s been… I guess this could be either pro or con depending upon the advisor, but with some broker dealers, letting an advisor co-brand with them or really having a real consumer-facing brand, whether it’s, “I’m a franchise owner with Ameriprise,” or, “I’m independent through Raymond James,” or, “Running my own practice through Wells Fargo FiNet,” or, “I’m independent with Northwestern Mutual.” There’s definitely some brand cache or brand familiarity with some of those firms that may or may not be the same if you’re in the RIA world. So I would agree there’s a lot to like about the independent BD world and there’s a fit for people that is absolutely better with independent BDs than on the RIA side. Even if some people would say RIA is better, we’re cleaner, I wouldn’t say that. To me, it’s all about what an advisor’s goals are and then matching that up with what these firms do. And there’s never a perfect option. I jokingly say, “If there was a perfect firm, we wouldn’t be in business.” Every firm has their advantages or disadvantages. And depending upon where an advisor’s coming from, their style of business, their pain points, that’ll match up really well with on firm or one type of firm or one model than the other. Let’s pivot a little bit to the RIA world. A lot of your comments have been more about advisors affiliating or joining RIAs, this whole supportive version of independence concept. But what about advisors who want to go and start their own RIA? Either they’re leaving a captive firm and taking the entrepreneurial route and starting their own firm, or they’re leaving an independent BD to go start their own RIA. What do you see as some of the biggest misconceptions that advisors have about that move? Joshua Tomolak: That’s probably my favorite topic because there are the most misconceptions I think in this space. Louis Diamond: I’d agree. Joshua Tomolak: And I would say there’s 9 out of 10 conversations that I have with advisors and teams, they start off with the launching an RIA in mind or at least RIA curious and they want to understand what’s out there. And probably less than half the time do these folks end up actually launching their own RIA, which is okay because the ones that do are massively successful and they know they’re dang sure that’s exactly what they want to do. I think it gets a little bit romanticized sometimes that they’ll say, “Oh, I’ll just give Schwab a call,” or, “I’ll just give the custodian a call,” as if they were shopping independent broker dealers. That’s fine. You can do that and they will help you, but there’s quite a bit more to think about. And it’s not, in my opinion, the same as evaluating independent broker dealers. If it’s all right, I was taught the four pillars of the RIA model. I can go through that with you really quickly. So the way to think about the RIA space is in four pieces. And shout out to a friend, Eli Suarez, that taught me this years ago. The first pillar… Thinking of four pillars on a bar stool, if you will. The first one being administration. And this is your compliance, this is setting up your ADV, your LLC, all of your business formation documents. The second piece being technology, what do you actually want to use? Because the benefits of the broker-dealer world and the supported independent world is they’ve already built it for you. They’ve already paid for it and scraped their knees building it. In this case, you have to. And for some people, that’s really exciting to source financial planning software and portfolio management software and your CRM and tax software, et cetera. For some people, it just sounds like a huge headache. The third pillar being custodians. I have them third because you want to make sure that the right custodian can integrate properly with the technology that you’ve sourced that you’re passionate about. And then ultimately transition. What does a transition really look like? What are my legal and regulatory requirements? How does this work? What are the timelines? Things of that nature. So I guess I would say in closing that if those four things are things that you really want to own, then you’re in a really good position to consider an RIA launch. What do you think, Louis? Louis Diamond: I think that’s a great framework to break it down. Not just be like, “Okay, I can tolerate that,” or, “My team can do it,” but I think you have to be pretty excited about rolling up your sleeves and customizing and doing it yourself because in our experience, there’s a nominal differential between the economics of running your own RIA versus affiliating with an RIA or going to an independent BD. All the extra work and responsibility, you’re not really going to make it up, at least on the front end, on a higher net payout. So it has to be more about what the model means to you and having a vision that you don’t think anyone else can accomplish other than yourself. And looking at that crazy ever-expanding Michael Kitces’ FinTech map and there’s 500 different logos on it and being like, “Yes, that’s what I want. I want to go through this. I want to pick the seven pieces of my tech stack that work for me,” rather than getting, “Here’s the tech stack, take a demo, you like it, you don’t like it, take it or leave it.” To me, the two biggest misconceptions people have about the RIA world is one, “I’m going to have to be a full-time chief compliance officer,” and just that compliance is this boogeyman, this terrible, scary thing. In some ways it is. But the reality is most, especially startup RIAs will fully outsource compliance to a firm or they’ll hire a compliance consultant or firms that are big enough even will hire a CCO or repurpose someone on their team to be CCO. But compliance is much more streamlined and simpler than BD compliance. And ultimately, it’s compliance that’s being built for your business rather than compliance that’s being built for a publicly traded multinational company that supports 20,000 financial advisors. So I think compliance is always a big misconception. It’s definitely what a lot of firms will pry upon when they’re saying like, “Oh, you’re going to own all the legal and regulatory requirements. You could, but it’s definitely not a requirement.” And then I think another one is folks sometimes underestimate and overestimate the operational burden and how much work it is to start an RIA. Sometimes people just… They’re perfect for the RIA world, that’s their goal, but they get stopped in their tracks. They don’t really know what to do. But what we’ve seen, we said it earlier with so many different outsourcing solutions and different service providers that have popped up, if you have the fire in your belly to go build something, it doesn’t mean you’re doing it by yourself. I mean, that’s what firms like ours do. The custodians are very helpful. On the flip side though, I have seen advisors chasing payouts say, “Hey, I’m just going to go start an RIA because I want to make another 1 to 3%,” or whatever it comes to and they drastically underestimate what it really takes to build a successful firm. Joshua Tomolak: Exactly right. I think that’s my favorite one, Louis, overestimating and estimating the operational burden there is you could have the same conversation with two teams and it can go the completely different direction. Louis Diamond: Josh, let’s wrap here. I got one more question for you that I think is an exciting one, but give me three key trends or storylines that most people don’t know about or aren’t talking about that you’re passionate about or that you’re sharing with advisors or counseling today. Joshua Tomolak: Sure. This is the free advice portion. And I’ll tell you what, Louis, if it’s all right with you, I’ll give you two and I would love to hear one from you as well. The first one I’ve seen in both the independent broker-dealer and RIA space is the minority investor concept. A lot of folks will talk about the idea of taking chips off a table and starting to partially monetize your business. I think that’s all important, but what I’ve found is that a lot of advisors really want their partner, whether it’s an RIA broker dealer to help them grow. And that could be with M&A opportunities, that could be with traditional recruitment of advisors, that could be building a business plan. But the minority investment part really helps accelerate that for a lot of businesses because all of a sudden, not only are you cashing out a small part of your business, but you’ve just created an ally with the parent entity, it is now much more likely to help you grow in that capacity because they’re insulated from it and they profit when you profit. So I think it’s easy to be shortsighted and say, “Well, my equity’s going to keep growing. Why would I sell you a piece of this?” But I counsel folks often to really think about what that long-term strategic partnership is and making somebody a real equity partner rather than just a vendor that provides you with technology and regulatory coverage. The other one I’d say is that… And this one’s really important to me, that business formation is far more important than your assets under management. Said a different way, the way you build your business is going to make your business far more valuable than the number of dollars underneath your name. And what I mean by that is, just to use an example, a sophisticated, well-built, centralized, scalable and repeatable business, whether it’s an RIA with a broker-dealer that is going to fetch a far higher M&A multiple than a OSJ that’s five times the size that just has a bunch of 1099 independent advisors underneath the umbrella. What we’ve seen in the M&A space is that if you’re going to shell out 50, 60, $80 million for somebody’s business, you want to know that you have this business for the long term. So I would certainly counsel people that have been around maybe far longer than me to take a look at how you’re building this and put together a business plan on what those next 10 years should look like and not necessarily fall into the trap where your only revenue source is the override that you receive from a firm and then you in turn pay to the advisors on your team. Louis Diamond: Well said. I really like that line. We’d probably do a whole episode on what are the tips and tricks for building a business with the end in mind? Like the Covey quote, “Begin with the end in mind.” Transitions are like… They’re a bear. I mean, there’s no way to sugarcoat it. Advisors, when they hear transition, if you ask them, “Don’t think about it, give me your reaction.” “Terrible, risky, a lot of work. I’ll never do it again. My friend did it and it was terrible. What if my clients don’t come?” It’s all these negative emotions. And in many cases, I don’t blame an advisor because it is a big act. But to me, if someone is weighing making a transition, whether a wholesale business model change going from being an employee to being independent, going from being an advisor at an independent BD to starting an RIA, or even going independent BD to independent BD, it’s an opportunity if you rise to the occasion to build with this next act with intentionality. So whether it’s restructuring compensation for your team, converting people from 1099 to W2, putting in place new workflows, changing how investments, instead of it being each individual advisor doing investments to more of a centralized model, cleaning up workflows, really investing in data, investing in AI. It’s something that I think, again, we can have a whole episode on it, but I think it’s a great one. Build the business the right way. And obviously, businesses that are larger, theoretically, sell for more, but we’ve certainly seen businesses that are half the size of a larger one sell for a similar amount or more because they did all the right things and the larger one did the things that really turn off a buyer or detract from a valuation. Let me give you one more and tell me if you agree, but I think we’re in this moment when Altruist, the upstart, a new kid on the block custodian, they launched a basically tokenization of cash in a way to automatically agentically source or sort cash to the highest yielding money market. And you’re like, “This is fricking wonky. Louis, why are you telling us this?” I think this is an important one just to keep a watchful eye on. I have no idea how this is going to shake out, but really the biggest way that independent BDs or even custodians like Schwab and Fidelity really make money, it’s not on their overrides from practices or the admin fee or the custody fee. It’s really on net interest margin. So how much the broker-dealer or the firm is making on client cash and brokerage accounts relative to what they’re paying out the client. It’s essentially like free margin to these firms. And this concept, I think, has massive potential for disruption for the business model. Again, I don’t know what it’s going to look like, whether it means platform fees that are instituted at all these firms, whether it means certain models would be more beneficial than others, whether it means nothing’s going to change, which is probably the right answer given this industry. But it’s something to keep a watchful eye on just if your firm institutes a new platform fee or there’s a fundamental way in which your firm can no longer make money. How are they going to make it up? Are they now going to be uncompetitive? They’re not going to have as much scale or profits to invest in the platform. Is it going to cause even more consolidation in the industry? So to me, that’s the one pretty under the radar, pretty wonky storyline that I don’t think enough people are talking about, but has the biggest possibility for disruption across their space than anything I’ve seen in a while. Joshua Tomolak: Sure. That’s the whole iceberg. Not a lot of people are talking about it. It’s not poking out of the ocean, but it’s going to be continuously brought up. I think it’s a question that a lot of advisors are going to have to ask these firms. And at the end of the day, the firms aren’t the bad guys. They have to make money too to provide a quality product. So where the money comes from matters. Louis Diamond: Exactly. Josh, this has been awesome. I learned a lot talking with you and just having your objective consulting hat on what I think are really the differences between IBD and RIA and some of the key trends and storylines to watch has been instrumental. I’ll also give a plug that on our website and we’ll link to it in the show notes, we have a really helpful one-page reference guide going through the differences between independent BDs or IBDs and RIAs. So feel free to click on it. We’ll make sure it gets in your inbox. Josh, thanks again for joining us today. Joshua Tomolak: Yeah, thanks for having me, Louis. It was a pleasure. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and go

Want to check out all the amazing ADV gear? Click here ⬇️https://www.advtennis.pro/JONATHAN705381:15 What he learned from Ty Tucker4:48 Handling the important points6:20 NCAA doubles vs US Open doubles12:03 Shifting momentum16:48 Doubles "free agency"21:27 How he allocated practice time27:24 Strengths vs weaknesses

When the ADV competition you expect to happen doesn't, you can either cry about it or start up your own version. Lana Tsurikova and Chip McMann chose the latter and thus, the inaugural Adventure Crown kicks off in August 2026. The news features a longer segment on what's going on with Harley and Indian and some short EV snippets. Chasing the Horizon is brought to you by Wunderlich America and the BMW Motorcycle Owners of America. Get all the links for our guest and the news on the show notes page on chasingthehorizon.us.

Why a motorcycle first aid kit should be part of your riding gear — and why the kit itself is only part of being prepared.A motorcycle first aid kit often gets treated like an extra — something for remote trips, cautious riders, or people with medical training. But if riding motorcycles carries risk, then first aid should be part of the preparation. Not just a small pouch of bandages, but a kit that makes sense for motorcycling, the places we ride, and the situations we may come across.

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the forces driving today's market movements across asset classes, sectors, and corporate earnings. From blockbuster bank earnings at JPMorgan and Goldman Sachs — boosted by a 26% jump in investment banking revenue following SpaceX's massive $1.74 trillion IPO — to high earnings expectations volatility hitting AI infrastructure suppliers like CoreWeave and Nebius, they explore where leadership is moving next.Valuable Insights You'll Learn: Asset Class Leadership: Why international equities (304 pts) and domestic equities (301 pts) remain neck-and-neck at the top.  Commodity Surge: How oil price rebounds and Iran geopolitical risks drove a 24-point jump in commodities.  Sector Shakeup: Why energy (up 29.39%) retook the top sector spot from technology (up 24.79%).  Rotating Opportunities: Early technical and fundamental turnaround signals in healthcare, financials, and consumer discretionary. Follow us here to see short videos of all our best investing tips:TikTok: https://www.tiktok.com/@todaysmarketexplained  Instagram: https://www.instagram.com/TodaysMarketExplainedYouTube: https://www.youtube.com/@todaysmarketexplained Facebook: https://www.facebook.com/TodaysMarketExplainedTwitter: https://twitter.com/PodcastTMEWebsite: https://todaysmarketexplained.com/ DISCLAIMER:This podcast is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov 

Nearly 50 years after a magazine story planted the dream of crossing Australia by motorcycle, Allan Waldon finally set out to make it happen. Riding unsupported with his mate Adam on two small motorcycles, he faced more than 6,000 kilometres of remote desert, flooded roads, deep gravel, fierce winds and slippery red clay. This is the story of two riders crossing a continent—and one man proving it's never too late to pursue a lifelong dream.

Many years before we would get our first Fire Emblem game in America on Game Boy Advance, we would get this two-episode OAV in America from ADV. Andre and Steve explore this partial game adaption, this week at the Summer RPG Anime Festival. Watch the anime with us right here Fine Time on Bluesky: @fineti.me Andre on Bluesky: @pizzadinosaur.fineti.me Steve on Bluesky: @monotonegent.fineti.me

In a world of GPS tracks and turn-by-turn directions, motorcycle orienteering brings riders back to paper maps, route choices, checkpoints, and discovery. Andrei Tuch explains how moto-orienteering works in Estonia, and why finding your own way can still be part of the adventure.

Do you want to work with me one on one to improve your tennis game? Click here to check out the free trial for my online academy: https://www.skool.com/stokke-doubles-academy/aboutWant to check out everything ADV has to offer? https://www.advtennis.pro/JONATHAN70538

Download the “65 Investment Terms You MUST Know to Reach Your Financial Goals” for FREE by going to https://TodaysMarketExplained.com/  The market continues to push higher, but beneath the surface, leadership is changing rapidly. Commodities have suffered a sharp pullback, healthcare is quietly staging a comeback, semiconductors continue to dominate the AI narrative, and expectations for interest rate cuts are fading as inflation proves more persistent than many expected.In this episode of Today's Market Explained, Brian Kasal and Chris Reardon break down the latest market rotation, why international equities continue to outperform, and how stronger-than-expected economic data is reshaping the Federal Reserve's outlook. They also examine what falling oil prices, resilient employment, and record AI investment spending mean for investors heading into the second half of the year.Valuable Insights You'll Learn:Why commodities experienced one of their sharpest pullbacks of the yearHow semiconductors—not the Mag Seven—are driving today's AI rallyWhy the Federal Reserve is becoming less likely to cut interest ratesWhat stronger-than-expected employment numbers reveal about the economyFollow us here to see short videos of all our best investing tips:TikTok: https://www.tiktok.com/@todaysmarketexplained  Instagram: https://www.instagram.com/TodaysMarketExplainedYouTube: https://www.youtube.com/@todaysmarketexplained Facebook: https://www.facebook.com/TodaysMarketExplainedTwitter: https://twitter.com/PodcastTMEWebsite: https://todaysmarketexplained.com/ DISCLAIMER:This podcast is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov 

Balance on a motorcycle is often treated like something a rider either has or does not have, but low-speed motorcycle balance is a skill that can be learned, practiced, and refined. Clinton Smout from SMART Performance Centre and host, Jim Martin, examine what happens when the bike slows down, how riders manage balance through steering, peg weighting, body position, acceleration, and foot placement, and what putting a foot down can reveal about motorcycle control, confidence, and riding skill.

How to Choose the Best Camping Setup for the Way You RideBefore you start comparing motorcycle tents, sleeping pads, stoves, chairs, pack sizes, and weights, there is an important question to answer. In this episode, Ben Williams from Moto Camp Nerd talks about a simple way to think through your motorcycle camping setup before you start buying gear, so your choices are based on the way you actually ride and travel, not just someone else's packing list. Michnus and Elsebie Olivier of PikiPiki Overland and Turkana Gear also share lessons learned from years of motorcycle travel, including what they've overpacked, what they've replaced, and what has earned a permanent place in their kit. It's a practical conversation about choosing gear with purpose, not just following the latest trends.

Want to work with me FREE for 7 days? Click here to check out my tennis clubhttps://www.skool.com/stokke-doubles-academy/aboutCheck out what ADV has to offerhttps://www.advtennis.pro/JONATHAN70538Find more about Pancho at www.panchocampo.comWe talk:2:15 What he feared5:47 Peaking your energy level9:20 Managing energy throughout a match13:00 Motivation17:02 A big lie coaches tell21:54 Embracing fear31:11 Adrenaline to dopamine

Why Robert Pirsig's Famous Motorcycle Book Mattered to Him — And Why it Didn'tTed Simon is best known as the author of Jupiter's Travels, one of the most influential motorcycle travel books ever written. Robert Pirsig's Zen and the Art of Motorcycle Maintenance is another book that has long held a strange place in motorcycling culture: widely known, often recommended, and perhaps just as often left unfinished. In this conversation, Ted talks about finally reading Pirsig's famous book and why it matters to him in a way listeners might not expect. Is it really a motorcycle book? Why has it stayed in the minds of riders for so many years? And what does motorcycle maintenance mean when the machine beneath you is not just a symbol, but the thing that determines whether the journey continues? What begins with one famous motorcycle book soon opens into Ted's own memories of travel, breakdowns, repair, and the very practical reality of keeping a journey alive when there is no easy answer and no one else to do the work.

Solo Motorcycle Travel Through South America with Lala BarlowLala Barlow was working in musical theatre in Melbourne, Australia, when the pandemic brought the industry to a halt. Drawn to motorcycles, mountains, and Patagonia, she spent years preparing for a solo motorcycle journey through South America, including a four-month shakedown ride across Australia. Lala shares what it takes to plan a major adventure, travel alone in unfamiliar countries, manage fear and uncertainty, and ride through Peru, Bolivia, Argentina, Chile, and Patagonia. A conversation about preparation, perseverance, and turning a dream into reality.Links & ResourcesPhotos, links, and resources for this episodeMore episodes: Adventure Rider Radio and RAWSupport the show: Support ARRFollow Adventure Rider RadioInstagramFacebookAbout the PodcastSince 2014, Adventure Rider Radio has shared adventure motorcycle travel stories, Rider Skills, Deep Trouble episodes, tech and gear features, and conversations with riders from around the world. New episodes of ARR are released every Thursday, with new episodes of RAW released monthly on the 21st. ★ Support this podcast on Patreon ★

As we celebrate 12 years of Adventure Rider Radio motorcycle podcast, we're bringing back a story that still resonates today. Drawn together by motorcycles and a shared curiosity about the world, Maryna Matthew and Paul Knibbs left behind the security of established careers to pursue a life of adventure. Their journey is a powerful reminder that some of life's greatest opportunities begin with a single decision: to stop waiting and simply say yes.Links & ResourcesPhotos, links, and resources for this episodeMore episodes: Adventure Rider Radio and RAWSupport the show: Support ARRFollow Adventure Rider RadioInstagramFacebookAbout the PodcastSince 2014, Adventure Rider Radio has shared adventure motorcycle travel stories, Rider Skills, Deep Trouble episodes, tech and gear features, and conversations with riders from around the world. New episodes of ARR are released every Thursday, with new episodes of RAW released monthly on the 21st. ★ Support this podcast on Patreon ★