Podcasts about aum

Send us Fan MailLEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/applyEveryone thinks AI just discovered real estate investing. It didn't. One investor cracked this code back in 2009, before AI even had a name, using a data-driven bet on a market everyone else avoided, and built a fund that now runs with zero human underwriters. It started with a $90,000 house nobody else wanted.He used that system to grow to the peak of over a billion dollars in AUM in real estate alone, ranking hundreds of cities a year for profitability before ever making a single offer. I am Ryan Miller, and on Making Billions this week, my guest is Neal Bawa, CEO & Founder at Grocapitus, a commercial Real Estate investment company. Together, Neal and I break down his city scoring method, the LASAL framework for catching failing properties before they fail, and how AI replaced his entire underwriting department.This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.To reach out to Reef Pass Investors, email holdcofounders@reefpassinvestors.com[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.[THE GUEST]: Neal Bawa is  CEO & Founder at Grocapitus, a commercial Real Estate investment company. Neal's companies use cutting-edge real estate analytics technology to source and acquire OR build large Commercial properties across the U.S., for nearly 800 investors. Grocapitus Website - https://www.grocapitus.comFree eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/Join Our Investor Club - https://multifamilyu.com/clubSubscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/ryanmilleroffical/X: https://x.com/_MakingBillionsWebsite: https://making-billions.com/Support the showDISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

In this episode, Axel sits down with Zach Hoereth — real estate investor, operator of Midwest Storage, and one of the more entertaining (and polarizing) voices on real estate Instagram — for a genuinely unfiltered conversation about what actually works in this business.He brings a uniquely blunt, been-there perspective on direct-to-seller acquisitions, the limits of AI and technology in a relationship-driven business, and why chasing unit count and AUM is one of the most overrated status games in real estate investing.This episode is essential listening for any investor who wants a no-BS look at what it actually takes to source deals, build a lean operation, and avoid the traps that sideline so many people who get into this business.Join us as we dive into:Zach's path from a college leasing hustle to buying his first $20–30K house in Indianapolis in 2018, and how that snowballed into today's business.How Zach's operation is structured: direct-to-seller mail feeding wholesaling and flipping, which funds acquisitions of small multifamily, single-family rentals, and self-storage — all without outside equity to date.Why "just buying rentals" isn't a wealth strategy — cash flow keeps you in the game, but equity and capital events are what actually move the needle.Why AI and chatbots can't fix a bad reputation or replace the human-to-human trust that wins deals, retains tenants, and keeps LPs engaged.The "70 dudes who partnered on a fourplex" problem — why unit count and AUM get wildly overrated as status symbols, and why doing a few deals solo teaches more than riding shotgun on a syndication.The three things you actually need to start doing direct-to-seller deals: a CRM, a targeted list (tools like PropStream and Reonomy), and a mail houseHow to make aggressive offers respectfully, and why "running toward the confrontation" beats avoiding it.The three Ds of distress — death, divorce, and drama — and how to quickly identify which sellers are actually motivated versus wasting your time.Why a seller's real pain point is often bigger (and weirder) than investors assume, and why being present when they decide to sell matters more than trying to convince them.Connect with Zach Hoereth:Follow him on InstagramAre you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

On episode 256 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and Michael Batnick are joined by⁠ Michael Santoli ⁠ to discuss: the surprising strength of the stock market, what's keeping the bull market alive, interest rates and the growing U.S. debt load, why corporate earnings remain so powerful, and whether today's valuations can keep climbing. They also get into AI spending and the return on massive tech capex, market breadth and rotation, the rise of retail investors, options-income ETFs, why bears keep moving the goalposts, and what decades of market history can teach investors about adapting when the old rules stop working. This episode is sponsored by DBMF and Vanguard. To learn more about the world's largest managed futures ETF visit https://www.dbmf.com/TCF Learn more about Vanguard bonds at https://vanguard.com/audio. Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ DBMF Disclosure: The iMGP DBi Managed Futures Strategy ETF's investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, it may be obtained by visiting: http://www.imgp.com. The Fund is distributed by ALPS Distributors,Inc. DBMF is the world's largest managed futures ETF as of July 31, 2026 with $4.16 billion AUM. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is David Booth, founder of Dimensional Fund Advisors, which now manages over $1 trillion. He studied under Eugene Fama at Chicago and helped build one of the first index funds at Wells Fargo. In today's episode, David traces Dimensional's arc from indexing's earliest days at Wells Fargo to crossing $1 trillion in AUM this year. He shares what Gene Fama said when he got the call, the story of driving a client to Chicago to walk through the Fama-French paper, and why AI investing looks like the California gold rush. To close, David makes the case for judging yourself by decisions, not outcomes. Get David's book: Stay Calm: Learn to Embrace Uncertainty in Investing and Life (0:00) Introduction (0:58) David Booth's start to investing (3:38) The beginnings of index funds and early challenges at Dimensional (10:09) Long-term investment perspectives and the Fama-French three-factor model (17:26) Dimensional's educational focus and advisor partnerships (20:21) Small cap value performance, AI & market trends (23:26) Symbolism of bankrupt stock certificates and lessons on diversification (25:44) Compounding for 45 years (30:56) David's passion for Kansas basketball ----- Sponsor: ⁠Upwork⁠ is the world's largest human and AI-powered freelance marketplace to hire top talent—trusted by businesses and professionals worldwide. Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

A growing advisory firm and a valuable advisory firm aren't always the same thing.Plenty of founders know their AUM, revenue, and production. Far fewer know how an outside buyer would judge the business if they had to put a price on it tomorrow.SHP Financial went from less than $30 million in AUM around 2014 to roughly $2 billion AUM by the time they entered the acquisition process. But going through that process forced Derek, Keith, Matthew, and Michelle, to look at the business through a completely different lens.We talk about the things buyers cared about that they hadn't always measured, the founder dependencies that can quietly hurt enterprise value, why impressive growth numbers don't always tell the full story, and what SHP had built behind the scenes that made the firm attractive to an acquirer.If you're building an advisory firm you eventually want to sell, or simply want a business that can grow without depending on you, this conversation gives you a look at what the market actually values.3 Insights From This Week's Episode#1.) Growth Doesn't Automatically Create Enterprise ValueYou can have significant AUM, strong production, and years of growth while still owning a business that's difficult for someone else to buy. We explore the questions an acquirer asks that many advisors don't start thinking about until much later.#2.) What Happens When The Founder Is The System?If sales, service, planning, and key client relationships still depend on you, your firm may be more fragile than it looks. SHP's acquisition experience revealed why the business behind the founder matters just as much as the founder's ability to produce.#3.) Are You Tracking The Wrong Growth Number?A big production year can look great on paper while hiding what's actually happening inside the business. Derek, Michelle, and Keith share how the acquisition process changed the way they look at growth—and why the scorecard buyers use may be different from yours.WANT TO LEARN WHAT ACTUALLY DRIVES VALUE FOR YOUR FIRM?Apply for a seat at The Table for a one-time, behind-the-scenes training with SHP Financial on the metrics, systems, and lessons that matter most when building a business that's bigger than you. Apply now to reserve your spot: https://bradleyjohnson.com/182-the-table-with-shp/SHOW NOTEShttps://bradleyjohnson.com/182FOLLOW BRAD JOHNSON ON SOCIALXInstagramLinkedInFOLLOW DBDL ON SOCIAL:YouTubeTwitterInstagramLinkedInFacebookDISCLOSURE DBDL podcast episode conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into their business and their life. No statements made in the episode are offered as, and shall not constitute financial, investment, tax or legal advice. Financial professionals are responsible for ensuring implementation of anything discussed related to business is done so in accordance with any and all regulatory, compliance responsibilities and obligations. The Triad member statements reflect their own experience which may not be representative of all Triad Member experiences, and their appearances were not paid for. Triad Wealth Partners, LLC is an SEC Registered Investment Adviser. Please visit Triadwealthpartners.com for more information. Triad Wealth Partners, LLC and Triad Partners, LLC are affiliated companies.TP08265847628 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Experience a community of Elite Performers striving for the next level - CLICK HERE to join the Transform Learning Community Building a valuable advisory practice isn't just about growing AUM or increasing revenue. It's about intentionally creating something that can continue without you. In this episode of From Busy to Rich, Wes and Justin sit down with Andrew Mirolli to explore succession planning, business value, culture, and the questions advisors should be asking long before they're ready to step away. They also dig into an often-overlooked part of succession: knowing what you want your life to look like after the business. In This Episode Why succession planning should begin years before you're ready to sell. How culture, relationships, and legacy can matter as much as the financial terms of a deal. What advisors should focus on at different stages of their careers to increase long-term business value. Why systems, processes, and a next-generation team can make a practice more transferable. How to create a meaningful “third act” so you're not left wondering who you are without the business. Connect with us: Instagram X Facebook LinkedIn Youtube

How do you choose the right financial advisor? Mindy Jensen and Scott Trench explain what to look for when hiring a financial planner, including AUM vs. flat-fee vs. hourly compensation, CFP credentials, fiduciary status, advisor qualifications, questions to ask, and how to prepare for your first meeting. If you're considering working with a financial advisor, this episode will help you understand how advisors are compensated, identify potential conflicts of interest, prepare your financial information, and get more value from professional financial planning. To go beyond the podcast: Interested in a Flat Fee Financial Planner? Go to biggerpocketsmoney.com/fipro Get 50% Off Your First Year of Monarch by using code ‘Pockets': https://www.monarch.com/pockets Follow BiggerPockets Money on Social: Facebook: https://www.facebook.com/groups/BPMoney Instagram: https://www.instagram.com/biggerpocketsmoney We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Why is financial forecasting so persuasive when its track record is so poor? Don and Tom open the Book of Financial Physics to Law No. 6—“Nobody Knows Nothing”—and explain why stock pickers, market timers, and highly paid pundits cannot reliably tell you what comes next.Then they answer listener questions about permanent life insurance and deferred income annuities, trusted contacts and two-factor authentication, and whether a wealthy client can copy an advisor's portfolio while paying for advice on only part of the assets.Finally, they simplify a 529 allocation for a three-year-old and detour through vacation smoke, Disneyland prices, and the value of ignoring suspicious messages.00:39 The sixth law of financial physics01:48 Nobody Knows Nothing04:19 The real cost of active management05:14 What prediction makes investors miss07:00 Active funds lose market share10:22 Pundit performance versus the index12:00 Send in your questions13:27 Permanent life insurance and deferred annuities17:36 Securing investment accounts21:02 Why trusted contacts matter22:14 AUM fees and copying a portfolio25:45 The simple 529 allocation28:24 Smoke, Disneyland, and family vacationQuestions? Comments? Click!

Zane Keller, CEO of Ducere Wealth Management, is driven to Lead, Guide, & Educate clients and employees by helping them solve meaningful problems and achieve their goals. Through personalized financial guidance and a culture of empowerment, Zane supports clients with complex financial needs while giving employees the tools, trust, and opportunities they need to grow professionally. In this conversation, Zane introduces The Turn the Ship Around Framework—Delegate Decisions to the Source of Information, Put the Right People in the Right Seats, and Remove Friction That Impedes Performance. He explains why informed employees should have the authority to make decisions, how leaders can remove barriers instead of controlling daily operations, and why culture must remain a priority as a company scales. Zane also discusses macro patience and micro speed, creating opportunities for employee ownership, encouraging intrapreneurship, and helping multigenerational families coordinate their investments, tax planning, estate planning, and financial legacies. — Lead, Guide, & Educate with Zane Keller  Good day. Steve Preda here with the Management Blueprint Podcast, and my guest today is Zane Keller, CEO of Ducere Wealth Management, with a vision to be the leading provider of tech-driven, tax-optimized wealth management services for clients through their advisory support, that every client’s assets, time, and relationships are prioritized. Zane, welcome to the show.  Thanks, Steve. Appreciate you having me.  So, Zane, before we jump in and talk about Ducere Wealth, I’m very curious about your personal why, and how are you manifesting it in the company through the company’s business?  Sure. Well, early on, I knew I liked—one of my biggest passions was helping people solve problems. And one of the amazing things about being in the wealth management industry is you get to help people solve a lot of problems that are personal for them, and that’s their finances. It tends to be a personal subject for them, and allowing them guidance, support, understanding, and being a listening ear is what I find to be extremely rewarding in the business we have. But starting a company and having a team, and building that team, and building all the infrastructure and support and all of that, to me, the employees are as much clients as our clients are clients.  And so it’s an interesting position that I’m in, where it’s a dual role of both looking at it from a standpoint of how do we help our clients with the day-to-day or yearly challenges they face, but also how do I make sure that our employees are empowered to deliver the right client service and feel that they can continue to grow and expand in their careers. So I just like helping people, and I get to do it every day.Share on X  Yeah. Okay. That’s great. So when you talk about solving problems, obviously finance is a mirror for all an individual’s life aspirations, problems, challenges, opportunities, all that stuff. Your people are also humans, individuals, and they probably have similar challenges, so that’s a really neat mosaic there. So what is most challenging in building a wealth management firm like that?  I think the most challenging thing is all of the decisions are on you. And when I talk to other business leaders, there isn’t a roadmap, there isn’t a manual in terms of how people build their businesses, build their teams, and a lot of it is a balance of both trusting your instinct and what your background and lessons have been, as well as trusting those that you have brought in to help build the enterprise.  I was fortunate that I get to work with my dad, who had gone through this venture before, and we’ve gotten a chance to partner together and build it from the ground up. We went from a year ago, I had to order two laptops on Amazon, get a URL from GoDaddy, and start from scratch. And, you know, a year later, we find ourselves with 14 employees, an office in Newport, an office in Las Vegas, $600 million in assets under management, and continuing to want to grow, and being fortunate that we have a tremendous client base who trusts us.  But we’ve been able to attract and retain top-quality employees and team members who we rely on every day to continue building out the vision.  Well, I mean, building $600 million in assets under management in a year in a business like wealth management sounds almost like an impossible goal. Did you have a portfolio that you kind of imported into this business, or was that completely from scratch?  No. We had clients that we had worked with previously. We had left a big bank.  Okay.  And so some of those clients came over with us, but a lot of it was growing organically through COIs, through other marketing efforts, and bringing on other advisors who wanted to leverage our platform to provide a better service for their clients.  That’s fantastic. So how does one start a wealth management business? It sounds like one of the hardest businesses to start because it’s a trust-based business, from what I see, and it’s a very slow-burn kind of business. How do you actually grow a business like that?  Well, I think first is, in our industry, what’s interesting is there’s a lot of different business types. You have the wirehouses, the broker-dealers. There are people that are very successful just being anchored to a Wells Fargo or a J.P. Morgan or Merrill Lynch and building within that. Then you have folks who have gone to the roll-ups. Private equity has become pretty involved in our industry—a lot of roll-ups, a lot of consolidation.  Their value proposition is defined platforms that you can just plug in. And then you have what I consider the true independents, ourselves included, where we had a vision of we didn’t want to be held back or bogged down by two areas. One, as things get larger and larger and larger, the wheels turn slower and slower. And I think we're in a unique area from a business evolution cycle that leveraging AI, leveraging the technology, being able to make decisions quickly is going to be a substantial differentiator over the next several years.Share on X  And we didn’t want to have the conflicts that inherently come when you are backed by investors, and the focus is how do you maximize revenue, even if it may be at the expense of clients or at the expense of employees or at the expense of growth that you don’t see the return on investment for several years. So we decided that we were going to do it from scratch. Luckily, I had a background in—at the previous firm, I had helped build out all of the tech stack.  I’d worn almost every hat you can have at an RIA, and I had the experience from my father having gone through this, that between the two of us, there was enough goodwill or brand equity to build it out. But the other thing that we decided to do is there’s a reason it’s not called Keller Wealth or Keller Investments. The goal was never to have it be about ourselves. It was about creating a brand and a vision where others feel like they can be a part of.  357: Lead, Guide, & Educate with Zane KellerShare on X So as we brought on employees, I’ve challenged them that they have a responsibility to make an impact on the organization, and we start with culture. People have to be a culture fit first. We will not sacrifice culture for all the money on God’s green earth because I can confidently say that I don’t know how much business or revenue we’re missing out on if the team is not functioning at the highest level possible. So the first and foremost is a cultural fit. Then we look at the skills, the competencies, the ability to grow. But for us, culture is number one.  Yeah, love it. So what does it take to grow a wealth management firm? What drives growth in your business?  I think it takes three kind of main pieces. One is understanding that there’s a term GaryVee uses called “macro patience, micro speed.” And what we had set out initially is I knew that there were several steps between SEC registration, getting relationships with a custodian, getting relationships with tech vendors, finding office space, all of that that needs to be done just from a basic business foundation standpoint. What I needed to do, when we needed to do it, and logging every week.  I actually would send emails to myself and my dad for the first two months before we had employees of everything that got done the previous week, and what we needed to get done the next week, and what our blockers were if things couldn’t get done. Then that kind of grew into, as we had employees, becoming a consistent weekly check-in as we were heading towards what I consider our launch date, which was July 28th, because that’s when we actually received SEC approval.  So the first two months was just building the architecture, building up where we’re going to work, what we’re going to work with, all of those decisions being put in place. I’m fortunate enough that I’ve been involved with a lot of different companies in the industry over the years. So I had people who had done this before, people who had worked with large RIAs, small RIAs, and everything in between to lean on as advisors.  I think one of the things that I was more than surprised by was the amount of outpouring of support. “I’m happy to help you. What do you need? What can we do to make you successful? I know someone that I can connect you to.” And I think that's kind of the unique thing about our industry, is that there is a lot of camaraderie and willingness to help each other, even if you may be competitors in some aspects.Share on X  That’s interesting. So when you say “macro patience, micro speed,” what do you mean by that exactly?  So our goal is to get to a billion or more in AUM. And while I’d love to do that overnight, it takes time, both from bringing in clients, market performance. I’d love everything to be fully integrated from an AI standpoint, but again, those things take time. So a lot of the times, I think leaders have an issue with wanting to get to the destination as quickly as possible and not thinking through all the steps they need to get there.  So each step along the way, or what I consider the day-to-day, I try to get as much done in the hours that I have during the day, and that’s where the speed lies. And eventually that compounds, just like investing, into where we want to go from an overall firm standpoint. But me saying, “I just want to be at a billion dollars,” that’s great. But you’re going to say, “Well, what are you doing every day to get there?” I can go, “Well, I’ve had this many prospect meetings.  I’ve had this many client meetings. We’ve reviewed this much market information. We’ve decided to put money towards these investments.” It’s the day-to-day decision-making and being quick in doing that that I think is imperative for us to get to where our goal is going to be.  Okay. So this is a podcast called Management Blueprint, and it’s a podcast of frameworks. We are 350-plus episodes in, and every episode is a different framework. So I wonder, what’s a framework that you have come across, or maybe your did or you guys refined it, invented it, or improved it, that helps you build this business, that helps you do something more effectively, maybe getting new clients, maybe building your team members or training them, maybe getting the word out, whatever part of business it is that can be explained in three to five steps?  Sure. So there’s a book called Turn the Ship Around! by David Marquet, and that, from a leadership standpoint, is the mentality that I have taken since day one. To boil it down into one sentence, it’s this: The people with the information make the decisions. And so if the team is coming to me all the time for every possible decision in order to move this business along, there’s no way that we’re going to grow at the rate or grow, arguably, period, the way that we want to succeed.  So when I sit down with the team, one, the first question needs to be, if you’re running an enterprise like this, do you have the right people in the positions they’re at? Do they have the competencies, the understanding, and the cooperation with others to effectively make decisions in their role? And then the second thing that I spend the majority of my time on is, are there things inhibiting them from doing their role? So things such as, do they not know what their budget is? Do they not know who the decision-makers on the other end are? Do they not know that they are responsible or allowed to make those decisions?  So my goal is to make sure that they understand that if they have the information and we have built what the, I guess, framework or the bumpers are in bowling, that it's their decision to make and to inform me why they made the decisionShare on X not for them to come to me and say, “Do we do A or do we do B?” When we have a team, the expectation is there’s a lot of moving pieces. To your point earlier, it’s a lot to run an RIA. It’s a lot to run a wealth management firm.  There’s several things happening all at once, several things that are intertwined, and you can’t have one person that is reasonable as you grow in scale to be aware or understanding of the pros and cons of every decision. So we’ve brought people on. We have a full investment team. They are responsible for making the investment decisions. I listen in, but I’m not doing the due diligence. I’m not meeting with the managers. I’m not doing all of that. We have folks that are responsible from an operations side, making sure things day-to-day happen. I’m not the one making the decisions on that.  But if they come to me and say, “Hey, this is becoming difficult,” or, “We can’t get ahold of so-and-so,” then I step in. But the whole point of it is making sure that they feel empowered. The people with the information make the decisions. You get the right people in place, you should have, from a leadership standpoint, very few decisions you have to make on a day-to-day basis.Share on X Yeah, that’s great. So basically, you share your contextual understanding of your business with the people who work for you so that they can connect the dots as well, make decisions, and you can focus on the strategic part of the business. What do you and your dad focus on?  Yeah. I’d say it’s two parts. One is focusing on the more complex client issues, as we have multi-generational, multi-family clients, and also where we want the business to go. And it’s not one-dimensional. It’s bringing on more clients, plus bringing on additional advisors, plus looking at things from a national standpoint. After COVID, Zoom has become very useful, and people have become comfortable with having what I consider tele-wealth.  So their advisor may be in a different state, and they’re completely comfortable with that. And so it’s pursuing all of these various growth avenues because the day-to-day is being taken care of. So my focus is just that. It’s focusing on strategy. Where does the next $600 million come from? What about the $600 million after that? And how do we continue to grow in a manner where we don’t sacrifice some of the things that make us unique? As an example, our team constantly talks, interacts all day long, not just on “This is the work that needs to be done,” but people genuinely like working together.  I don’t have a strict in-office policy. The entire team’s here five days a week. I’ve not asked them to do that. I’ve not said they need to do that, but they genuinely enjoy working here. So when we open up a second office, how do we keep that kind of consistency? When we open up a third office or fourth? It's those kinds of areas that I think I spend a lot of my time trying to figure out and see how we grow without sacrificing some of the core values that we have.Share on X  Yeah. So what are your core values?  Probably three big ones. One is, I don’t know if I’m allowed to say it on the podcast here, but we have a no-assh*le policy. You have to be a genuinely good person to work here. You have to genuinely care about other people, and that is the first test. Two, we want, just like the firm grows, we expect the team to grow personally and professionally.  So if you’re going to be here when we do a review, I’m going to ask you: How are you better at contributing to the organization, to your team, and to your coworkers than you were a year ago, and what do you expect to do better a year from now? And then the third thing is: How are you defending our culture? We may have new people come in. What are you doing to set the tone as to how we work here at Ducere? Because, as I mentioned earlier, it’s not just about me and my dad. It’s about the collective organization, each individual playing their part to enhance and protect our culture.  Yeah. So it’s very clear that you talk about culture repeatedly. It sounds like it’s a really big part of your identity and how you want to build this firm.  Absolutely.  So what’s one thing that you’re actively trying to figure out in this business right now?  I think one of the big things is: How do we effectively bring on an advisor where we understand they have a book of business, and we understand they have a certain way of doing things, integrating them into our platform, but allowing them to operate with their own unique style. One of the challenges with scale is sometimes you scale and you give up originality or a unique way that, Steve, you may do something, then I do it a little differently, but it ultimately gets the same goal.  And really looking at what are the goals or deliverables that an advisor wants to bring to their clients, and can we allow them flexibility to get there in their own way? And I’ll give you a good example. So what we do from an asset management standpoint is we have what I call an open architecture. So for any given portfolio, there can be a number of combinations and permutations that give you a similar risk profile or result, and we leave that up, if the advisor wants to, for them to decide what that makeup looks like, as long as it’s within the parameters that we’ve set from a risk standpoint.  So as an example, Steve, you say, “I’m aggressive,” and I go, “Great. I’m not going to put you in one stock if you’re retired. That’s too aggressive.” But we do have several things that are approved on the platform, and we do continuous due diligence where we can say, “Steve, here’s two or three options. Which best serves your client? Which is going to be something that your client understands and feels comfortable with?” So that’s one area that we’ve really been trying to focus on and figure out how we express that differentiator in a way that it actually resonates with those advisors.  Yeah. That’s great. So basically, you want to build an organization where people can stay entrepreneurial. They don’t have to just live in a box that is given to them. So you capture more creativity and more personality in your business so that you can grow in a more nimble way. Is this what you’re trying to do here?  Yeah. I think the official term they’ve called it is intrapreneurship instead of entrepreneurship. But yes, the goal is: How do we get the team to come and say, “Hey, I think we have this issue, and here’s the solution I want to have, and it’s a little different than what we do, but I think there’s a way to make it happen”? And again, the people with the information make the decisions. How do I remove as many blockers as possible so they can continue to pursue that avenue? But the big thing is, some folks sometimes get sidetracked.  They go down rabbit holes or they veer off on projects that may not be going towards what our goal is, right? Growing, adding more revenue, adding more clients. And so as long as there’s a tieback to what our goals are as a firm, then we’re all for empowering them to be able to pursue those passions.  How do you maintain that structure in a family-started business? That can be a tricky one. People might feel that there’s a glass ceiling or they’re always going to stay an outsider. How do you resolve this tension?  That’s a great question, and it’s something that verbally hasn’t come up to me, but I can certainly see people’s perspective on it. And so my dad and I tend to be pretty transparent as to what's going on, what we're dealing with, getting feedback from the team.Share on X And while this is a 40-plus-year venture for me, for my dad, it’s probably about another 10-year venture for him.  And so we’ve stated that our goal is to get to the point where we can be 100% employee-owned, but we can have multiple employees who are owners of the firm. I’m a strong believer in giving people the opportunity to earn their equity. And if we do get to the point where we sell the organization one day, I want to brag about how many millionaires I created.  I don’t think anyone will ever care how many millions someone makes for themselves. And so we’ve, from day one, been very vocal and communicative to the team that the expectation is that as many of the employees as it makes sense, and that they’ve earned it, can earn equity. We plan on doing that, but it’s probably not going to be until about year three where we actually start putting that together from a formal standpoint.  Yeah. That’s fascinating. So who is an ideal client for you? So if someone is listening to this and they think, “Ah, maybe I should talk to Ducere,” how do they know whether they are in the sweet spot of what you’re looking for and who you can serve the most?  Sure. Well, our best clients are ones that tend to be multi-generational, so they’re families that are looking to pass on the management of the wealth from maybe the matriarch or the patriarch to the next generation, and they have more complex investments, partnerships, family limited partnerships. They have an interest in private or alternative investments, and they’re looking for someone to help with that transition and possibly help with the next generational transition, and a partnership that’s another 20 to 30 years.  So folks that are qualified investors that tend to have complex tax and estate needs and really want someone who’s a quarterback between all the other professionals that they work with—CPAs, attorneys, et cetera—that’s who our ideal client is. There are firms out there that offer everything in-house, right? We do your taxes, we do everything. And the analogy I like to use with clients is that’s like going to a buffet. Buffets, for some people, are great, but I’ve never had my greatest meal at a buffet.  Usually, it’s fine dining, where it’s a specific niche that they are looking to serve. And so if they’re happy with the other professionals that they work with, our job is to fill in that gap to make sure that things get coordinated, they get an understanding of what their financial picture is, it’s clear-cut as to how to get to those goals. And I think the biggest and most successful clients we’ve had are ones who want to learn. They want to be educated clients. They want to be educated investors. And so those are the type of clients that would be ideal: multi-generational, complex financial needs from a tax, estate planning, and private investment standpoint.  They’re also looking to work with a firm that may not have some of the conflicts that the Merrill Lynches and Wells Fargos, who may sell you their own proprietary products, because we don’t make any commission. We’re fee-only. Or some of the PE firms who are looking to figure out how to maximize profit off each client. And that’s not the way that we look at it either.  Yeah, I think a lot of people are waking up to the idea that if the owners are super profit-oriented, then it means someone will have to pay the bill. And if there’s a huge imbalance between the motivations of the company and the individuals, then it can create tensions down the road. When I look for home services, I always look for, okay, which company is the one that maybe is a locally owned one, genuinely locally owned with real people that I can talk to and who I can trust, rather than a faceless institution that essentially dictates the policies that may not always be in my interest.  So I appreciate the independence. So if the listeners would like to learn more and figure out whether they have enough complexity or whether you are the right fit for them, where can they find out more, and how can they connect with you?  Sure. We have our website, ducerewealth.com. We’re actually, for our one-year anniversary in about two weeks, revamping it, and so there’s going to be a lot of resources for all the various niche types of clients that we work with, and there are several forms out there. You can contact me, zane@ducerewealth.com. I’m a principal, but I talk to our prospects and clients, and we just want to do what’s best for the client. So, ducerewealth.com, and we welcome any and all of those interested.  Okay. So if you have complex financial needs, or you just want to think about your legacy and transition maybe to the next generation and how to maximize your wealth, check out Ducere Wealth Management and reach out to Zane Keller on LinkedIn. And if you enjoyed the show, then make sure you follow us on YouTube, give us a review on Apple Podcasts, and stay tuned because every week we have a couple of exciting entrepreneurial leaders who come to the show and share their most secret frameworks. So Zane, thanks for coming, and thanks for listening.  Thank you, Steve. I appreciate it. Important Links: Zane's LinkedIn: Zane's website: Zane's email: zane@ducerewealth.com

La période estivale est pour beaucoup une période de vacances et également une période de repos liturgique. Pourtant à l'horizon, tel un phare pour les chrétiens, une fête mariale suscite toujours une grande dévotion populaire : l'Assomption. La Foi prise au mot vous propose justement de vous préparer à cette fête. L'occasion de revenir sur ce dogme formulé par la constitution munificentissimus Deus qui dit : "l'Immaculée Mère de Dieu, la Vierge Marie, après avoir achevé le cours de sa vie terrestre, fut élevée corps et âme à la gloire céleste". Comment comprendre ces quelques mots ? Quel sens leur donner ? Deux invités vont pouvoir nous éclairer sur cette fête mariale très attendue et nous faire partager leur grande expérience en matière de pèlerinage : le frère Gilles Danroc, dominicain et Aumônier de l'Equipe international du Rosaire, et le père Fabien Lejeusne, assomptionniste et Directeur du Pèlerinage national de Lourdes. Emission du 1er juillet 2012.

Fineqia International Inc (CSE:FNQ) senior associate Matteo Greco spoke with Proactive's Stephen Gunnion about trends in the crypto exchange-traded product (ETP) market - investor flows, Bitcoin and Ethereum performance, and what could signal a broader recovery. Greco said the tough crypto conditions of late 2025 have carried into 2026, contrasting with stronger traditional markets: while the S&P 500 hits new highs, Bitcoin remains well below its record, weighing on ETP demand. Even so, outflow pressure has stayed manageable. Greco pointed to strong 2024-2025 inflows and argued the recent drop in assets under management largely reflects falling asset prices, not investors exiting: "The vast majority of the drop in AUM, it's still price driven," with overall outflows relatively minor. He also discussed Ethereum ETPs after a strong July rebound, cautioning that momentum hinges on the wider crypto market, and noted basket products could see rising demand as the digital asset market matures. Looking ahead, Greco said sustained positive price action, two or three consecutive months of growth, could be key to bringing investors back with greater strength. Visit Proactive's YouTube channel for more interviews and market insights. Give the video a like, subscribe to the channel and enable notifications so you don't miss future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #Fineqia #CryptoETP #Bitcoin #Ethereum #Crypto #BitcoinETP #EthereumETP #CryptoMarket #DigitalAssets #Cryptocurrency #CryptoInvesting #ETP #BitcoinMarket #EthereumMarket #InvestorFlows #CryptoInvestors #AssetManagement #CryptoAnalysis #BTC #ETH #Fineqia #CryptoETP #Bitcoin #Ethereum #CryptoMarket

Professor Crawford Spence is a Professor of Accounting at King's College London and an experienced researcher and educator across an array of business disciplines with specific expertise in financial service professions. He is a genuinely international scholar, having lived and taught on a number of continents and also happens to have been my PhD supervisor. His most recent book is Inertia – Purposeful Inefficiences in Financial Markets (co-authored with Yuval Millo and James Valentine), and our podcast explores some of the books main themes and assertions here. We start with the idea of purposeful inertia – as it exists between different groups within the financial sector – explore what is this and is it ever likely to be broken? We discuss the “ossified ideas”  that he had in mind when thinking about this.  Digging deeper into inertia we ask if inertia and long-term relationships facilitate the building of trust and validation networks? The research is particularly focused on the social structures that support our economic systems, and we ask how these are shifting particularly with AI and/or hybrid working? Finally we ask if everything in financial markets is noise and end by discussing whether he believes in any form of investment alpha.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations.

This week we dissect ColdCard's ~$100M RNG exploit that Claude Code cracked in 8 minutes, debate whether AI just killed open-source security and Bitcoin maximalism, tear apart Ethereum's EIP-8361 staking-yield taper, and unpack Leopold Aschenbrenner's 67% Situational Awareness blowup and CLARITY Act's ethics fight. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. No guest this week, just the four of them working through a week where AI quietly rewrote the economics of both security and human psychology, and crypto happened to be standing in the blast radius. This episode: ColdCard, NVK's Bitcoin-only hardware wallet, got drained of nearly $100M thanks to a random-number-generation bug that a one-word commit buried five years ago, and Claude Code sniffed it out in 8 minutes (an open model with no internet found it in 20, for about two bucks). The crew debates whether AI just killed open-source security, whether Nic Carter is right that this is 'the death of Bitcoin maximalism,' and why Tarun thinks maxi devs are 'the RFK of security practices.' Then they take a blowtorch to Ethereum's EIP-8361 staking-yield taper (Tarun: 'the proposal reads like shit'), unpack Leopold Aschenbrenner's 67% Situational Awareness blowup while 4x levered, and wade into the CLARITY Act's ethics fight where a single amendment is the whole ballgame. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Welcome back to the Alt Goes Mainstream podcast.We sat down with Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world.Mike joined from Bow River Capital to run Wellington's Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River's evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group.Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered:The evolution of evergreen private markets funds.The convergence of public and private investing.Lessons learned from building and managing evergreen funds at Partners Group and Bow River.The importance of portfolio construction, liquidity planning, and evergreen fund operations.Which firms are well-positioned to run and manage evergreen funds?Partnerships in asset management.How the market may shake out and why structure must match the asset, the client, and the liquidity terms. LP composition, evergreens vs. drawdowns across wealth and institutions, and the role of partnerships. What the potential wave of mega IPOs could mean for DPI, exits, and private market fundraising.BioAs lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund.Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund's investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital.Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder.Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds.Show Notes00:00 Live from SuperReturn Berlin00:12 Meet Mike Trihy02:06 Defining the Perfect Evergreen02:27 Evergreen vs Drawdown DNA02:42 Deal Flow Isn't Everything03:01 Portfolio Construction Focus03:20 Cashflow Planning Mindset03:33 Operations and Valuations03:47 Sales and Flow Forecasting04:03 Regulation and Complexity04:11 Fiduciary Growth Discipline04:46 Do Firms Have the Toolkit05:20 Scale vs Boutique Nuances05:42 When Bottom Up Fails06:18 The Deal Flow Constraint06:44 Should There Be More07:00 Shakeout and Quality Wins08:07 No One Best Wrapper08:28 Matching Assets and Clients09:43 LP Mix and Herding Risk11:34 Evergreens Future in Wealth13:21 Public Markets DNA Advantage14:56 Partnerships and Mega IPOs17:07 Private Markets Stay Private18:52 DPI and Exit Wave Impact20:17 Public vs Private Valuations22:21 What Happens Faster Slower24:08 Closing

40% of PE firms and 60% of credit funds still track their portfolios on spreadsheets. That's now a way to monitor a few trillion in AUM. Private equity (and credit) are about to get way more transparent as retail investors get access to PE, and the tools you need to monitor and report your exposure must evolve. The products are way ahead of the plumbing.  Devin sits down with Kevin Hsu, founder of Lumonic, a portfolio monitoring software company now part of PitchBook. We discuss Kevin's early career in private markets technology and what that taught him about the difference between the needs of VCs and PE firms. We talk about the coming convergence of public and private markets, and why the old ways of doing things (in spreadsheets) won't cut it in the new world of heightened transparency and regulation. ParkerGale is in the middle of automating much of its internal workflows with new AI-powered tools, so this conversation will help other funds think through the options. Should you roll your own (Kevin has a surprising opinion on this), stick with what you've got, or make a switch? What should you expect from your software provider and how do you handle those edge case portfolio companies? We cover all this and more with Kevin. https://www.lumonic.com/  

From a two-for-one lawn-mowing deal he negotiated with his neighbor as a kid to founding a holding company that keeps established Virginia businesses in Virginia, Andrew Dunlap shares his data-driven origin story, a fund built to avoid short-term pressure, and why he believes trust is the only currency that always matters. Andrew is the founder and CEO of Harbor, a long-term, buy-and-hold company that acquires established Virginia businesses and keeps their teams, leadership, and jobs rooted in the state. In roughly two years he has completed three deals, including a CNC machine shop and a FINRA-registered broker dealer, with an industrial services company moving toward close. He describes himself as someone who stumbled backward into this work by digging into merger and acquisition data. WHAT YOU'LL LEARN: You will learn why keeping a company's headquarters local changes how much of its revenue recirculates in the community, how an untimed fund with no AUM fees removes the pressure to make what Andrew calls caffeinated decisions, how Harbor structures flexible deals to become the buyer owners actually prefer, the earnout test that separates a real growth forecast from a wishful one, and why Andrew treats trust as the most durable asset in any market. ANDREW'S JOURNEY: Andrew grew up in Baltimore and moved to Roanoke, in Virginia's southwest, ten years ago. Coming out of a venture-backed startup in Richmond in January of 2024, he noticed how few senior roles existed in his region, then pulled the merger and acquisition databases to find out why. He discovered that 87 percent of external buyers in Roanoke, and 82 percent across Virginia, were from out of state, which meant companies and their leadership kept leaving. The research he found showed that a locally headquartered company recirculates roughly 52 to 53 cents of every revenue dollar in its community, a figure that falls to about 14 cents once the headquarters moves to a larger city. That gap became the foundation for Harbor. TRUST AS THE ONLY CURRENCY: Andrew closed the conversation on a theme he keeps returning to. Trust, he argued, is the one thing that holds when assets turn and revenue streams dry up, and he sees it as underdeveloped in a digital, globalized world where people invest too little in relationships. KEY INSIGHTS: Andrew's foundational insight is that owners care deeply about who becomes the next steward of what they built. He lays out three options for a seller, a strategic buyer, a private equity firm, or a buyer like Harbor that keeps the team in the town where it grew up, and owners consistently choose the path that protects the legacy. Harbor backs that up with flexible structures, using earnouts, seller financing, and varying equity so the deal fits the owner. His most timely insight is that trust outlasts any single asset or revenue stream. When tungsten prices spiked because of China and hit his machine shop, Harbor could call a congressman who came to walk the shop floor. Andrew credits relationships, built in part through writing openly on LinkedIn, for access that does not show up on a balance sheet. Perfect for owners weighing succession, investors interested in longer-hold alternatives to private equity, and anyone curious about how local ownership shapes a regional economy. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/andrewdunlap FOR MORE ON ANDREW DUNLAP:https://harbor.capital https://www.linkedin.com/in/dunlapandrew/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:00:00] - Introduction and overview of Harbor [00:01:48] - Andrew's first deal, a two-for-one lawn-mowing bulk rate [00:02:42] - How he stumbled backward into building Harbor [00:05:05] - The recirculation research, 52 to 53 cents local versus 14 cents once a headquarters leaves [00:13:25] - The untimed fund and avoiding caffeinated decisions [00:21:00] - The Clark Precision Machine acquisition and the owner's five-year contract[00:34:54] - The red flags that kill a deal and the earnout bluff test [00:45:32] - Why trust is the only currency that always matters [00:49:40] - The freedom question Guest Bio Andrew Dunlap is the founder and CEO of Harbor, a holding company that buys established Virginia businesses to keep them in the state. He grew up in Baltimore, moved to Roanoke a decade ago, and came into acquisitions after coming out of a venture-backed startup in Richmond in early 2024, where he had helped build a software company with users in 60 countries. Harbor's leadership also includes M&A and securities attorney Tad Fisher and operations leader Krista Glassburn, who previously ran a manufacturing company in Tazewell, Virginia and grew it from 15 to 190 million dollars while acquiring seven companies. In its first two years, Harbor has acquired a CNC machine shop, a FINRA-registered broker dealer, and moved toward closing on an industrial services company. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 328 - Richard Manders: How private equity roll-ups create value versus simply aggregating for a multiple arbitrage exit Episode 325 - Kelly Finnell: Using an ESOP as an exit that can preserve a company's independence and reward its people Episode 332 - John Martinka: Buying a business and transitioning from a corporate career into acquisition entrepreneurship Keywords/Tags Andrew Dunlap, Harbor, buy and hold holding company, keeping businesses local, Virginia acquisitions, mergers and acquisitions, business succession planning, alternative to private equity, earnouts, seller financing, deal structure, CNC machine shop, FINRA broker dealer, metal fabrication, economic recirculation, DealQuest Podcast, Corey Kupfer

Your future deserves more than guesswork. Use Plancorp's calculator to see the potential value of professional planning and get an idea of your annual advisory cost. -----  Get updates for my new book here: https://Theperfectportfoliobook.com  -----  Financial advisor fees look simple until you ask what the fee actually buys. This episode  compares hourly, flat-fee, and AUM pricing—and explains why the number alone tells you surprisingly little. Learn how to evaluate cost, service, conflicts, and accountability before choosing an advisor. Listen now and learn:   ► What hourly, flat-fee, and AUM arrangements change beyond the bill ► The incentives and blind spots different compensation models can create ► Why similar-looking fees can buy very different levels of service ► The questions that reveal what you're really paying an advisor for Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Welcome back to the Alt Goes Mainstream podcast.We sat down with Anthony Maniscalco, the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG).We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “boutique Gulf firm” into a global and diversified alternative asset manager. Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM. Anthony has been involved in GP stakes from the industry's early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Launched in 2019, Investcorp's SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception.Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered:Why have stakes shifted from hedge funds to alternative asset managers?Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment.Why a GP would sell an equity stake in its firm to finance its growth.Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm.The evolution from fund to firm and what's next for GP stakes.BioAnthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee.Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs.Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers' Leveraged Finance Group.Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products.Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago.Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management.Show Notes00:00 Live From Berlin00:15 Meet Anthony Maniscalco02:56 Early Staking Was Hedge Funds03:05 Banks And Prime Brokerage03:40 Private Equity Hits A Wall03:53 Shift To Private Equity Stakes04:30 Why Stakes Are Attractive04:54 Locked In Fee Streams05:31 Carry And Diversification06:06 How LPs Classify Stakes06:59 Three Allocation Buckets07:55 Strategic Access Flywheel09:05 Tougher Fundraising Today09:19 Why Middle Market09:05 Fundraising Help For GPs10:55 Underwriting Growth Readiness12:15 Primary Capital Use Of Proceeds12:49 Why Equity Is Worth It14:46 Talent Retention And Next Gen15:46 Wealth Channel Fit18:23 Portfolio Construction Framework19:36 Why Venture Is Harder23:23 From Fund To Firm24:34 Liquidity And Exit Paths27:35 Prefs, Debt, And New Solutions38:41 Continuation Vehicles Flywheel41:02 Closing Thoughts

Steve is the Founder, CEO, and CIO of Sound Point Capital Management, a credit-focused asset manager with $44B in AUM. He discusses navigating private credit cycles, managing risk in stressed markets, and applying a “no called strikes” mindset—waiting patiently for the fat pitch where risk-reward is decisively in your favor.-This podcast/webcast is provided for informational purposes only and should not be considered legal, tax, investment, or business advice. It is not a solicitation, recommendation, or endorsement. All opinions expressed by participants are their own and do not necessarily reflect the views of the Evoke Advisors Division of MAI Capital Management, LLC ("Evoke”), its affiliates, or any companies mentioned. Information shared has not been independently verified by MAI or its affiliates. MAI Capital Management, LLC (“MAI”) is registered with the U.S. Securities and Exchange Commission ("SEC"), which does not imply any particular level of skill or training.Certain information contained herein has been obtained from third party sources and such information has not been independently verified. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by any person.While such sources are believed to be reliable, Evoke does not assume any responsibility for the accuracy or completeness of such information. Evoke does not undertake any obligation to update the information contained herein as of any future date.The content is intended for a general audience and does not constitute a recommendation to buy or sell securities or adopt any investment strategy. Any examples or scenarios discussed are illustrative only, involve risks and uncertainties, and do not guarantee future results. Non-traditional assets carry significant risks and may not be suitable for all investors. Decisions should be based on individual objectives, risk tolerance, and circumstances.Statements herein are general and may not reflect an individual's or entity's specific circumstances or applicable laws, which vary by jurisdiction. Further, speakers' views are personal and may differ from Evoke and MAI recommendations and are not specific investment advice; and do not consider client objectives, risk tolerance, and diversification. Guests may have current or past relationships with Evoke and MAI, its affiliates, or the host, including as clients, service providers, or business partners. Participation does not constitute an endorsement or testimonial. No compensation has been paid or received for guest participation unless disclosed. MAI and its affiliates may have business relationships with entities mentioned in this podcast, which could create potential conflicts of interest. These relationships may include advisory services, investment management, or other arrangements. MAI seeks to manage such conflicts consistent with its fiduciary obligations and policies.(As of December 22, 2025)This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point as of the date of the recording and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Past performance is not necessarily indicative of future results. AUM figures provided are as of June 30, 2026. Firm-wide AUM does not include redemptions received or liquidations that may be in effect as of podcast publication on August 4, 2026. Firm-wide AUM, where relevant, includes committed capital to discretionary draw-down vehicles that have not yet been drawn, entities that are not open to new investors and/or are in the process of winding down and represents the closed total commitment of all loans managed by Sound Point Commercial Real Estate Credit as of August 4, 2026, including inherited portfolios managed that were originated by another manager and assets attributable to a non-advisory client.Source: J.P. Morgan Global Alternative Investment Solutions, Goldman Sachs, J.P. Morgan Investment Bank Credit Research. February 2026

Brett Hickey  is founder and chief executive officer of Star Mountain Capital, a specialized private investment firm with approximately $5 billion in assets under management, focused exclusively on the US lower middle market. Since founding the firm in 2010 he has built Star Mountain into a differentiated investment platform spanning private equity, private credit and secondary solutions, with a focus on low market correlated returns, alpha generation and tax advantage strategies. He's over 25 years of experience across private investing and investment banking, and prior to founding Star Mountain was with Citigroup Global Markets in New York.Our conversation starts with his upbringing and how finance was a second choice but ultimately a fulfilling one. We move then to discuss how he discovered the opportunity in the lower middle market and ultimately made the decision to found Star Mountain. We turn then to discussing his value system and unique leadership style. The star in Star Mountain is broken down as follows - S is to think like a shareholder, T is building trust, A is accountability, R is respect.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

Welcome back to the Alt Goes Mainstream podcast.We sat down with Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation at Coller Capital.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.Coller Capital has been a pioneer in the rapidly growing secondaries market. Coller's tagline? “First in secondaries.” Coller might be “first in secondaries.” The industry they focus on has moved to the forefront of private markets. Secondaries are coming in first for many LPs, in part because secondaries are now an active portfolio management solution for LPs (LP-led secondaries) and a way for LPs and GPs to continue to invest in the growth and value appreciation of some of their funds' best assets (GP-led secondaries). The firm completed its first secondaries transaction in 1990 and its first GP-led investment in 1996. Today, Coller has $55B in AUM (as of 3/31/26). Jake joined Coller after a long career at UBS, where he partnered with Coller from a few different vantage points co-founding and co-leading the Private Funds Group within UBS Investment Bank and leading the Private Markets effort within UBS Global Wealth Management. His perspective on Coller was very much a reason why he decided to leave his farm in Yorkshire (as a 23rd generation farmer!) to join Coller as they build out their wealth efforts.Jake and I had a fascinating conversation about the evolution of secondaries and how they are increasingly “solutions” for LPs and GPs. We covered:Jake's experience witnessing the rise of the early days of private markets and how that's shaped how he thinks about secondaries today.Why secondaries are becoming “solutions” for LPs and GPs.Why secondaries can be a core portfolio holding.The features of secondaries. The drivers of the increase in LP-led sales.Why have GP-led continuation vehicles become a popular solution?Why secondaries make sense for private wealth investors.BioJake is a Partner and Head of Private Wealth Secondaries Solutions and Head of Capital Formation. He is based in the firm's London office.Prior to joining Coller Capital in April 2022, Jake spent 25 years at UBS where he led the Private Markets effort within UBS Global Wealth Management, based in London. Prior to that, Jake co-founded and co-led the Private Funds Group within UBS Investment Bank, based in New York.He previously worked at Freshfields in London, where he qualified as a solicitor working in the Tax Team with a focus on collective investment schemes.Jake has a degree in Law (LLB) from the University of Bristol.Jake Elmhirst is a registered representative of Parallel Distributors LLC.Thanks, Jake, for sharing your wisdom, expertise, and passion in private markets, private wealth, and secondaries. Show Notes 00:00 Live in Berlin Intro00:39 Jake Elmhirst's Career Journey02:08 Wealth Channel Lessons05:06 Farming Roots Detour07:34 Secondaries Liquidity Fix09:26 Continuation Vehicles Impact11:21 Wealth Channel and Scale13:21 Why Secondaries Work15:15 Core Holding for Wealth16:31 Discount Versus Quality18:43 Underwriting in CV Era20:56 Evergreen Portfolio Mix21:56 Future of Solutions23:02 Toolbox Expansion Ideas24:55 Why Scale Matters25:53 Discount Nuance Explained27:30 Active Portfolio Management28:45 Closing Thoughts

Farnoosh recaps a webinar on navigating money conversations with loved ones, then dives into the week's financial news: the Fed holding rates steady, what Apple and Microsoft earnings mean for your index funds, and a landlord's "work from home fee." Then, she tackles two big listener questions: how to find and pay for a financial planner (flat fee vs. retainer vs. AUM, and what "fee-only" really means), and why a perfect credit score doesn't guarantee you the lowest mortgage rate. Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open! Hosted on Acast. See acast.com/privacy for more information.

Lan Castro's family fled Vietnam by boat when she was a toddler, rebuilt their lives running a donut shop for over three decades, and two years ago she was still "burning the candle at both ends" — juggling a demanding corporate career leading global oncology clinical research programs with raising a family and feeling like she was missing the time that mattered most. Today, she's founder and CEO of Multifamily Capital Enterprises and managing partner of RJYL Capital Partners, with ownership across more than 478 multifamily units and over $52 million in AUM. In this episode, Lan tells Logan how she raised roughly $3 million toward a $6.25 million, 28-unit acquisition in San Diego as her very first capital raise, why she leveraged her sponsors' track records instead of trying to prove her own inexperience, how she pushes past investors' objections to putting money into California real estate, and why she believes this entire business — capital raising, investor relations, fund management — ultimately comes down to trust. Whether you're a busy professional trying to build a legacy without sacrificing family time, or an aspiring capital raiser wondering how to get started with zero track record, Lan's journey from oncology research to a $52 million portfolio is a masterclass in turning education, relationships, and consistency into real results.Five key takeaways:Leverage your sponsor's track record, not your own inexperience. As a first-time capital raiser, Lan built credibility by leaning on the experience of her sponsors and operating partners — like Beth's appraisal background on Imperial Terrace — rather than trying to sell investors on her own resume.Invest in yourself before you invest in real estate. Before raising a dollar, Lan went through Multifamily Mindset's Diamond Mentorship, RE Mentor's advanced community and Insiders Club Mastermind, Don Goff's Next Level Underwriting program, and Tim Mai's Hero Alliance — because, in her words, she had to "invest in becoming the person capable" before inviting others to invest alongside her.Regional bias can be overcome with the right proof points. Many investors are hesitant about California deals, but Lan counters that by pointing to a property's eviction history, strong property management, careful tenant screening, and local investors who already understand the market.Communication is what keeps investors coming back. Lan sends monthly newsletters early in a deal (tapering to quarterly as things stabilize) and checks in with investors beyond just deal updates — treating over-communication as a feature, not a flaw.Investor interests always come before the deal you're excited about. Echoing Warren Buffett's "Rule number one: investors first, rule number two: see rule number one," Lan stresses that a fundraising target should never outweigh investor suitability or deal quality.About Tim MaiTim Mai is a real estate investor, fund manager, mentor, and founder of HERO Mastermind for REI coaches.He has helped many real estate investors and coaches become millionaires. Tim continues to help busy professionals earn income and build wealth through passive investing.He is also a creative marketer and promoter with incredible knowledge and experience, which he freely shares. He has lifted himself from the aftermath of war, achieving technical expertise in computers, followed by investment success in real estate, management skills, and a lofty position among real estate educators and internet marketers.Tim is an industry leader who has acquired and exited well over $50 million worth of real estate and is currently an investor in over 2700 units of multifamily apartments.Connect with TimWebsite: Capital Raising PartyFacebook: Tim Mai | Capital Raising Nation Instagram: @timmaicomTwitter: @timmaiLinkedIn: Tim MaiYouTube: Tim Mai

This week on Five Question Friday (FQF):Question 1: Is Fidelity or Vanguard the better place to keep your cash? Question 2: Is a 1.25% AUM fee reasonable?Question 3: What's the best way to preserve capital once you're in your 70s?Question 4: Should your cash bucket be a fixed dollar amount or a percentage of your portfolio? Question 5: Is it safe to share your personal finances with AI?Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...

In this episode of the ETA Insider Podcast, we continue celebrating our 10-year podcast anniversary with Steve Groya, Managing Partner at Aldine Capital Partners, returning to the show a decade after his first conversation with us. As Aldine prepares to hold the final close on its fifth fund — a lower middle market vehicle investing both mezzanine and equity in $3–6 million EBITDA businesses — Steve reflects on what has held true over ten years and what has surprised him. From his non-traditional start in public accounting and investment banking to his own stint as an independent sponsor, Steve digs into why capital structure is everything, how over-equitizing at entry can save a deal when the unpredictable inevitably happens, and why staying disciplined in the lower middle market beats chasing the shiny object of bigger AUM. Released July 31, 2026.

Millions of people practice yoga believing it is simply exercise or stretching. But is that really true?In this fascinating interview, Steve Cunningham sits down with Linda Clark, former yoga instructor and author of Yoga Unveiled: My Spiritual Journey from Darkness to Light, to discuss her twenty-year involvement in yoga, Reiki, and New Age spirituality before returning fully to the Catholic faith.Linda explains how her conversion led her to abandon yoga after discovering its deep religious roots within Hindu spirituality. Drawing from years of research, personal experience, and testimony from others, she discusses why Catholics should carefully discern the spiritual origins of practices often presented as harmless exercise.Topics include:• The religious origins of yoga• Why yoga cannot be separated from its spiritual foundation• Kundalini and chakra spirituality• Reiki and New Age practices• "Christian Yoga" examined• The meaning of "AUM," Namaste, Sun Salutations, and other yoga practices• Personal testimony of conversion from New Age spirituality• Safer alternatives for physical fitness• Why Catholics should approach yoga with discernmentWhether you currently practice yoga, have family members involved, or simply want to better understand the Church's concerns regarding New Age spirituality, this interview offers an important discussion rooted in one woman's journey back to Christ.Purchase Linda Clark's book:Yoga Unveiled: My Spiritual Journey from Darkness to Light (https://sophiainstitute.com/product/yoga-unveiled/)00:00 Introduction00:46 Welcome & Book Introduction01:29 Linda Clark's Background02:05 Returning to the Catholic Faith03:13 Conviction About Teaching Yoga03:53 Scripture Leads Her to Leave Yoga05:03 Why She Wrote Yoga Unveiled06:23 Exercise vs. Yoga07:59 Is Yoga Addictive?09:11 What Hindus Say About Yoga10:24 Stories from the Book11:18 Stretching Without Yoga12:42 What Does "Yoga" Really Mean?13:24 Yoga Is More Than Exercise15:09 Yoga's Influence in Fitness Culture16:26 Kundalini Explained18:18 Kundalini and Spiritual Dangers19:16 Returning to the Catholic Faith20:29 Rosary and Adoration20:59 Meaning of "AUM"22:36 Can There Be Christian Yoga?24:46 Sun Salutations Explained26:18 Serpent Breathing28:14 Corpse Pose and Spiritual Meaning30:07 Clergy and the Need for Awareness31:26 Yoga Even Among Religious33:34 Final Advice for Catholics34:46 Reiki and New Age Practices36:08 Opposition to the Book38:06 Personal Experience with Spiritual Warfare40:39 Final Thoughts41:50 Closing Remarks

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

Welcome back to the Alt Goes Mainstream podcast.We sat down with Kyle Kniffen, Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry's leading alternative asset managers.A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and earning the distinction of being a top-5 alternatives manager by AUM across both traditional and alternative asset managers.Today, Goldman has grown its alternatives business to over $625B in AUM.The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies.The evolution of Goldman's Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure.That was much of the focus of the conversation Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered:The growth of evergreen funds.Why evergreens are the product structure of choice.Why are evergreens also appealing to institutional allocators, insurance companies, and UHNW investors?How GPs and LPs are approaching LP composition to evergreen vehicles.The next wave of product innovation.The build, buy, partner framework Why Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like.What is not known but should be known about the Goldman Alternatives franchise.BioKyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm's TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients' evolving needs. He is also co-chair of the AWM Global Distribution Working Group.Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021.Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America's Alternative Investment Group within their Global Wealth and Investment Management division.Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College.Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel.Show Notes00:00 AGM Live from SuperReturn Berlin00:22 Meet Kyle Kniffin01:10 Wealth Meets Private Markets01:37 Big Pools Little Allocation02:24 Alt Strategies Explosion03:04 Lessons from Hedge Funds03:34 Start with Client Goals03:53 Risk Liquidity Tradeoffs04:10 Portfolio Utility First04:25 Holistic Private Markets04:44 Fit and Terms Matter05:07 Setting Expectations05:32 Product Innovation Shift05:52 Evergreens and Flexibility06:10 Monthly Access and Tactics06:39 Evergreen Growth Rates06:45 Education and Dispersion07:15 Why Evergreens Exist07:41 Diversification Lower Minimums08:04 Operational Simplicity08:21 Evergreen Nuance Phase One08:47 Goldman in Third Party Wealth09:26 Institutions Buying Evergreens10:31 LP Mix and Liquidity Caps11:36 Institutionalizing Wealth Platforms13:29 Goldman Platform Advantage14:46 Feeding the Evergreen Engine15:13 GeoWealth and Model Portfolios15:45 T Rowe Price Collaboration16:12 Build vs Buy Partner Balance16:42 Industry Ventures Acquisition17:33 Goldman Alts Heritage18:35 Pioneering GP Stakes19:45 Secondaries Since 199820:12 Apex of Private Markets21:08 Will Secondaries Be Core21:48 Max Flexibility for Wealth22:42 Customization vs Scale23:16 Flagships Then Bespoke23:49 Lessons from Private Wealth25:10 Broader Menu of Privates25:34 Closing Thoughts 

Kristina Hooper is  Chief Market Strategist at Man Group, a global alternative investment manager. In this role, she provides views and insights on the economy and markets and appears regularly on CNBC, Bloomberg TV, Yahoo Finance, and Reuters TV. Prior to joining Man Group in 2025 Christina served as the chief global market strategist at Invesco and previously worked at Allianz Global Investors. Our conversation covers her early career, the lasting effects of her Catholic school education and how an investment club inspired a love of stocks and investing. We move to her focus on economics and behaviour and how her legal training assisted her with creating an argument. She shares some of her more contrarian takes today and shares some of the inspiration that has shaped her career.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

Matt Kilgroe — President & CEO, Cyndeo Wealth Partners Matt Kilgroe shares how Cyndeo Wealth Partners grew from a newly launched $1.2B RIA to a $3.5B enterprise, and why the next challenge isn't independence, but building a firm capable of reaching $25B.  In Summary Five years after launching Cyndeo Wealth Partners from UBS, Matt Kilgroe returns to the podcast to discuss what happens after independence. Rather than focusing on the transition itself, Louis and Matt explore the next phase of growth: scaling an advisory business, attracting talent, developing niche expertise, taking on outside capital, and building an enterprise designed to last. Along the way, Matt shares how Cyndeo expanded from $1.2B to $3.5B, why serving professional athletes required a different business model, and what led the firm to partner with Rise Growth Partners as it looks toward a $25B future.  The Storyline For many advisors, independence is viewed as the finish line. For Matt Kilgroe, it became the starting point. When Cyndeo Wealth Partners launched in 2020, the goal wasn't simply to leave the wirehouse behind. It was to build a business with the flexibility to grow in ways that simply weren't possible before. Five years later, that vision has evolved into something much larger. Cyndeo has nearly tripled in size, expanded its niche serving professional athletes and entertainers, recruited advisors, added specialized operational talent, and recently welcomed Rise Growth Partners as a minority investor to help accelerate its next phase of growth. The conversation explores what changes when firm leaders stop thinking like advisors managing successful practices and begin thinking like CEOs building enduring enterprises. The discussion spans succession planning, capital strategy, recruiting, organizational design, and the mindset required to scale from billions to tens of billions—all while remaining focused on clients and culture.  Topics Covered Building an enterprise beyond independence Scaling from $1.2B to $3.5B in assets Organic growth versus recruiting Serving professional athletes and entertainers Why fiduciary independence matters for niche client segments Building operational infrastructure for growth Partnering with Dynasty Financial Partners Minority capital and Rise Growth Partners Succession planning and employee ownership Thinking from $3.5B to $25B > Download a transcript of this episode… Listen and Learn Highlights for Advisors What did Matt learn after transitioning nearly 98% of his clients? (06:20) Why client relationships—not firm logos—proved to be the firm's greatest asset during one of the most challenging transitions imaginable. How did Cyndeo nearly triple in size in five years? (16:10) Matt discusses the combination of niche specialization, disciplined organic growth, recruiting, and operational investment that fueled the firm's expansion. Why has Cyndeo become a destination for professional athletes? (17:15) The conversation explores how deep industry expertise, fiduciary flexibility, and specialized service created a business that would have been difficult to build inside a wirehouse. Why bring on a minority capital partner when the business was already thriving? (24:15) Matt explains why succession planning, future recruiting, and long-term enterprise growth made outside capital the right decision. How should advisors think about ownership versus compensation? (35:40) A candid discussion about enterprise value, equity, and why many advisors underestimate the long-term economics of ownership. What does it actually take to scale toward $25B? (42:20) From hiring executive talent to expanding geographically, Matt shares how he's thinking about the next chapter of Cyndeo's evolution. Key Takeaways Independence creates opportunities that extend well beyond higher payouts, including enterprise value, recruiting flexibility, and ownership. Scaling a business requires investing in operational leadership, not just adding advisors. Specialized client niches demand expertise that goes well beyond investment management. Outside capital can accelerate growth when it's aligned with long-term strategy rather than an exit. Building an enduring enterprise requires thinking differently about succession, talent, governance, and equity. https://youtu.be/WRYJd9Lkt7o Quotable Moments “Don't rent your practice. Own it.” “You can't work in those niches and not be a fiduciary.” “We're not done.” “The road from $3B to $25B is going to really compound on your equity.”  FAQs Why did Cyndeo decide to take on a minority capital partner? To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. How did Cyndeo grow from $1.2B to $3.5B? Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Why is serving professional athletes or other niche client segments different from serving traditional wealth clients? Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. What advantages did independence create that weren't available inside a wirehouse? Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. How should advisors think about building versus joining an independent firm? The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. What does Matt believe is required to build a $25B firm? A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. Related Resources Article: Your Practice Isn't Worth What You ThinkMost advisors misjudge their business's value, not because of the number, but because of the framework. Learn what really drives enterprise value. Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class FirmsHe's built and rebuilt some of the industry's most successful firms and now he's helping others do the same. In this episode, Joe Duran, the founder of Rise Growth Partners, shares lessons from building, selling, and starting again, and how staying curious and adaptable fuels lasting success. Matt KilgroePresident/CEO Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt's passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development. Matt has been recognized by Barron's as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a financial advisor with Cyndeo, and daughter Jillian recently graduated Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding. 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… True Alignment: Advising Business Owners on Wealth, Significance, and Value A conversation with Jason Diamond, Nick Hubert and Taylor Gentry – Founding Partners at Panoramic Capital Partners. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is True Alignment: Advising Business Owners on Wealth, Significance, and Value. It’s a conversation with Nick Hubert and Taylor Gentry, Founding Partners, Panoramic Capital Partners. I’m Jason 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. Jason Diamond: Advisory firms that work with business owner clients typically operate through a fairly traditional wealth management lens. The business may be the source of the wealth, but the advice itself often centers around investments, planning, and asset allocation, yet Panoramic Capital Partners approaches that equation differently. Nick Hubert and Taylor Gentry are the founding partners of the roughly $450 million RIA, serving about 150 families with a seven-person team. And while they come from very different professional backgrounds, Nick with more of a relationship and storytelling orientation, Taylor from the analytical and private equity side, they’ve built the firm around a shared philosophy tied to what they call personal significance, personal wealth, and personal value. A big part of that philosophy, or the north star as they put it, is applying some of the same accountability and long-term thinking frameworks commonly seen in private equity to the advisory relationship itself, not in a transactional sense, but in helping clients think more intentionally about decision-making, alignment, and outcomes over long periods of time. As a result, our conversation delves deeply into the private equity world, reframing how clients and advisors should consider this important tool as both a growth mechanism and a strategic part of their client’s plans. We talk about how that perspective also shapes not only how they think about serving business owners specifically, but also the role private equity should play in wealth management. Then we take a view of their long runway and how they and other younger advisors might see things differently about building firms today and why clarity of vision may matter more than sheer scale in the years ahead, and much, much more. It’s a narrative that is refreshing and informative, so let’s get to it. Taylor, Nick, thank you so much for joining. Walk us through your background. What brought you to the world of wealth management? Nick, let’s start with you. Nick Hubert: Sure. I think I got my first taste of the industry actually in a sophomore year of college internship, or I interned at Morgan Stanley here in Oregon. I studied finance and accounting at University of Oregon, and so I had this affinity for finance and markets and had that privilege of having that internship. So I had it early on in my career. Ultimately ended up setting my sights on doing investment banking and going that route and did that for a short period of time. Ended up not going very long due to a medical reason, so you don’t have to be that sorry for me. And ultimately started my career in business consulting before pretty quickly realizing that I want to get back to finance, back to investing these things that just felt like core competencies and that thing that you keep coming back to when you’re alone in the middle of the night thinking about stuff, it was always that. Just had this desire to work with smaller units than large corporations, which is great for wealth where you get to work with families and small businesses. And so it was just a natural alignment that took me back full-time to the space in 2016. Jason Diamond: I like the framing it through the size of the unit you’re working with and having more of an impact on the family. Taylor, what about you? Taylor Gentry: I’m a little more circuitous, if you will. Spent a couple of years in investment banking, so you can be sorry for me. Nick and I met in undergrad at the University of Oregon, had the opportunity to work in this investment group together where we were investing a portion of the university’s endowment. And like Nick, interned in wealth management and kind of walked away from it going, “Boy, that’s boring. I don’t really like that.” And so moved to New York, cut my teeth in banking for a couple years and we were working… So an investment bank for context, helping companies raise debt, raise equity, and with mergers and acquisitions, we’re working with huge companies. So the Mattels of the world, the largest toy company in the world. Like Nick, realized, “Hey, I’m going to work with smaller companies that we can get our arms around a little bit better and be more helpful with and have a bigger impact on.” So spent about 10 years with a private equity firm in the western half of the US and we invested in companies in what’s referred to as the lower middle market. So companies doing 50 to 300 million of revenue. And we would invest in those companies, grow those businesses and then look to sell them. Awesome experience, learned a ton, got a bunch of experience around how to invest in companies, how to grow businesses. Then had the opportunity to step into the CFO seat of a couple of different operating companies during that time. It was just a great learning ground, but also to see a whole bunch of different situations. Nick and I have always invested in things together. We’ve worked on things together and we’ve always wanted to work together full time. And a few years ago, the stars really just aligned to say, “Hey, what would it look like to create a differentiated offering in the wealth space where we can blend my background on companies, transactions, how to draw on scale and all those pieces and really marry that with the wealth management piece?” And Nick will get into that further, but it’s just a really unique way to partner with families and companies that are smaller which can have a really high impact experience with those families and really move them through their life journey, if you will. Jason Diamond: Yeah, there’s a lot to unpack there and we’ll get to some of the elements of how you run the business today. First of all, you can’t fool me by using a toy company as your example to make investment banking more interesting. I’m just kidding. Actually, my real takeaway there is you have a skillset that is incredibly relevant in the current wealth management ecosystem, especially in the model you’re currently in. So let’s talk about that a little. Tell us about your current chapter, which is Panoramic Capital Partners. Who do you serve? What types of clients? Give me some perspective on size as well. Nick Hubert: I'm going to take this first. Taylor can do the PE background side and give you a bunch of numbers. I’ll give you the story and see if we can piece it together that way. Jason Diamond: I get the impression you guys use that line a lot. Nick Hubert: Oh, no, that’s the first time. How’d it land? Jason, I spent eight years at our prior firm with our third founding partner, Andrew, and he was at that firm for 30 years. And so we’ve got this core DNA that we’ve always carried of serving high net worth families in a very holistic and deep planning-based capacity, which I think a lot of modern firms say that. And so that’s not necessarily that different, but it is a DNA that carries through. When we got struck with this vision of launching Panoramic and what inspired us to build the firm, it was as, Taylor outlined, around this idea of how do we partner with entrepreneurs and business owners more holistically across their entire entrepreneurial journey, not just around the exit as is so often where the gravity of the conversation sits. And so our firm vision and inspiration was all around that. And since launching in May of 2024, it has been about how do we bring that vision to life with a different business model. And to your point, there’s a bunch to unpack there, but that is ultimately the founding vision of what we are trying to build here overall and what inspires us every day to say, how do we, as Taylor mentioned, bring the combination of skillsets to bear in a way that allows us to be a better partner along the entirety of the journey as opposed to just towards the end when assets traditionally show up, so to speak? So that’s a story from a vision perspective. Taylor, I don’t know what you want to add to that. Taylor Gentry: As Nick outlined, it’s the ability to work with folks throughout the lifecycle. So in private equity, you invest in a company, you work with that management team for three to seven years and then you sell the business and move on to the next project or deal. And really, it’s the deal mechanic that is the value creation. Whereas, with what we are building here, we have the opportunity to really step along the journey with folks when they are in the early phases building what we talk about as the middle phase of allocating, and we’ll talk about this further, and then really the third phase of stewarding capital along the way. And it’s a life cycle or entrepreneurial journey that we’re able to be hand in hand with folks over decades opposed to measured in three to five year spans. Jason Diamond: So it sounds, and you’ve both kind of touched on this now, your different backgrounds, you view as very much a positive because it gives you, Taylor, the more in the weeds analytical perspective. Nick, you’re probably more the storyteller. Do you find that to be a benefit when you’re running your firm every day? And are there instances when it’s a negative? Is there ever a time when you say, Taylor, just maybe more for you, not coming from this world, you don’t speak the same language? Nick Hubert: Do you want me to drop off the call so Taylor can be honest and he can give you the scoop and then he can jump off and I’ll give you the scoop? Taylor Gentry: Jason, we talk about that a lot, honestly. I think it is atypical for someone with my background to step into the wealth space maybe more so. And we leverage that because we have the ability to work with folks on how do you drive value in the company, how do you set the business up for a potential sale exit or transition internally? But this business, historically, we’ve talked about it as almost like two tracks. You have Taylor on the quote unquote business consulting or the business work track and you have Nick on a wealth management track. It’s really not the case. And really, the power is the ability for these two pieces to come together and there isn’t a conversation we have with clients where those two perspectives and backgrounds or contexts aren’t married into one to create really truly holistic advice. And so Nick will probably tell you otherwise, but I haven’t seen an area yet where our two backgrounds has been a negative. It’s actually been immensely positive. And then on top of it, in terms of kind of building out the firm, Nick is more of a traction visionary and I’m more of the traction implementer. What’s amazing about it from our perspective is the partnership we have allows us to, A, recognize that, B, name it, and then C, leverage it in terms of being able to dole out duties and maximize our success together. Jason Diamond: Nick, anything you’d add? Nick Hubert: I think that’s all right. I mean, Jason, your question was from an operational perspective. I think a lot of Taylor’s view is from a client perspective, which is spot on that the overlap of that is really helpful for clients and I think what allows it to be a different experience for them. Internally, operationally, I think that where you could see friction there amongst partners with differences, and I think you do see that, and at the same time, Google was the one who did team research 15 years ago where they put out what you really want, is similarity and vision and differences in skillset when building a team. And so I think we’ve been intentional about that and it’s been really helpful for… Taylor and I functionally met in a quasi-professional setting back in 2011 and developed a friendship quickly, so we’ve got that deep level of friendship that underpins all of it. And same with Andrew and our time working together. So part of it is there’s just such a strength of relationship amongst us that we give space for each other’s differences and look for those as assets as opposed to negatives, but in some sense, beauty in the eye of the beholder as is the case with anything. Jason Diamond: Yep. I appreciate you adding that context. I’ll be honest that when I first encountered your firm, my reaction was your core value prop of serving business owners is not all that differentiated. And then I learned more about the way in which you serve business owners. Can you talk about that? Because a lot of advisors in general, but then I think more specifically, a lot of RIAs would say, “We service primarily business owners.” Tell me how do you do it in a way that’s different and meaningful? Nick Hubert: I’ll take a first stab at that and then Taylor can maybe add on with specific stories. The wealth space is an awesome business and it’s a place where it’s very difficult to differentiate. And so we think a lot about that through the lens of how do we grow this business well for the long period of time to create opportunities for clients and employees. And so we spent a lot of time thinking about that, not only for the sake of differentiation, but also how do we actually just continue to add value to clients? Because if we add value in a different way, growth will take care of itself. I’d say one way of cutting that is we revisit the mission is through this idea of, okay, if I want to be a partner along the journey, it’s about more than a single transaction, more than a single exit, whatever that might be, or a series of transactions as wealth is often created over a series of transactions. It’s this idea of how do we focus on wealth creation and driving business value as the engine of wealth creation for entrepreneurs and what we call personal significance, which is the life of the entrepreneur. And so there’s a next click down framing of our framework that we work through that lens. I think the most important piece for us has been how do we build a business model that actually brings that to life and that’s the trick because we can say that, and if we basically still just operate out of an AUM-based or an asset advisory fee-based business, the reality is my incentive is still towards getting assets out of the entrepreneurial environment, so to speak, into a place that I can manage them, which may or may not be the best thing for the entrepreneur based on where they are at. And so our current work continues to be around how do we build that business model. So layering in different ways of engaging, whether it’s a retainer fee or some other way of engaging so we can start earlier when assets aren’t there and actually encourage the entrepreneur, “No, keep reinvesting in your business. It’s your highest rate of return right now and it’s where the investment needs to go.” I don’t want to have a conflict in giving that advice. And so I think step two here has been building that business model from an actual engagement perspective to enable us to enact the vision. And then I think the third piece is how do we then build tools that are different than just evaluating pre-exit planning, and as is so often, the toolkit, but actually saying, okay, what are the value drivers of a business? And this is probably where Taylor has a lot more to add because it’s 101 of the PE model, but how do we take the mission and vision of an entrepreneur, what we call north stars, translate those into value drivers, ensure those tie to strategic initiatives in the business, ensure it ties to reporting, and ultimately, how capital is allocated between the business and other investments? So then that’s our toolkit that we continue to build out to deploy the mission through our business model with tools that back it up. So that’s how we frame it right now. Taylor, we can share stories about how that’s come to fruition to create different outcomes. Jason Diamond: Taylor, I’d love to hear that. Let me just add maybe my understanding, because this is what helped me, I think, to really understand how you defer, and Nick and Taylor, correct me if I’m wrong, it sounds like the typical advisor thinks about an entrepreneur, a business owner relationship as the next liquidity event in most cases. And you take the viewpoint that it’s a journey, in some instances, 30 years in the making. It’s not even about liquidity event might come that’s beside the point. Is that a fair summary? Taylor Gentry: Yeah. We talk about it as a growing business is a healthy business, a business that is creating incremental value and adding to the multiple in terms of how the business is valued in the marketplace is a healthy business. And so whether you are going to sell that business or retain that business into perpetuity, let’s make a really valuable business and grow a very healthy business. And that’s what we do with clients. Nick laid out the north star framework. And so how do we actually go about engaging with folks on a practical level? It does start with the north star framework. It’s got five steps to it as Nick outlined in terms of defining the north star, where we’re going, what we’re trying to do and that’s across those three pillars, personal significance, personal wealth and business value. And that personal significance has to be held at that same level. Otherwise, we find folks that are mid 50s, their business is crazy valuable, they’ve got a lot of dollars, but their family life isn’t where they want it to be because they didn’t take care of that along the way. So we lay out a place map that says, “Hey, these are the north stars that we are aligning on and coming back to every month when we work with these owners.” We then push that into, okay, what are we trying to do on the business side of the equation? Let’s lay out what is going to drive the value of the business from a multiple and enterprise value perspective. We push that into a set of strategic initiatives that is tactical, who owns what, when’s it getting done, and are we red, yellow or green on it? We then build out the performance reporting package with folks. And so that is a monthly reporting package that says what happened last month and what operational data are we looking at to be able to improve the business month over month and get a good feedback loop going into the company. And then the last piece is around capital allocation that Nick mentioned where if the business generates a million dollars, where’s that capital going? I think there’s a lot in there and it’s really deep, but if you zoom all the way back out, it’s take a private equity style playbook where private equity firms come and invest in a company. And what do they do after close? They put in place good financial reporting, good operational reporting, and then hold the team accountable to that reporting and those results on a monthly, quarterly, and annual basis. And so this is not rocket science or something that’s never been seen before. It’s just most business owners that have never experienced this private equity world don’t have access to it and don’t know how to go about doing it. It’s a relatively long process to get that installed with companies and with teams to really dig in and understand it, but it’s building out those packages to be able to say, “Okay, what happened last month? What changes do we need to make and what are we doing from a initiative perspective to drive the business forward?” So to Nick’s point, it was previously, this was all about liquidity planning or from a wealth management perspective, it’s about the exit. This is about how do we make a more valuable business along the way, and that’s going to be good for the entrepreneur as they move through the journey. Nick Hubert: When we were around the dinner table, the proverbial dinner table creating the vision of this firm, it was around this idea of the silver tsunami and everything that everybody reads in the headlines of this massive wave of transition, this generational transition of business ownership that we could help facilitate. So we launched with that thesis in some sense. In addition to this broader journey perspective, we have gotten to this place by following the market and listening to what entrepreneurs actually want through the big unlock was honestly in a deal process with one of our clients where we realized, “This is a great deal. This person’s going to put a ton of money in their pockets, secure their future,” and it’s completely the wrong outcome for the entrepreneur because it’s thinking all about the deal, not thinking about what this person didn’t want was an exit. They wanted a different relationship with their business, and that required, what do you actually want out of life, that personal significance piece? And it required, “Hey, if we can actually create a layer of team members and reporting that allows you to manage this like a board chair would do as opposed to a highly engaged CEO. That’s actually what you want. You don’t want out of this business. You want to still have this be a huge rock in your life.” And so we’ve ran through that door, said no to the deal with them and have been building the infrastructure around this, and that was the unlock and aha moment for us. There’s something bigger here and that’s what then inspired, in some sense, the broader build out of the toolkit, but I think puts more meat on the bone of actually saying no to a deal, which is not the classic wealth manager outcome to get to a way better outcome for the client and is ultimately still an awesome client for us as a firm and somebody that we can go build with for the next 20 years. I think just telling it through the lens of a story that’s different than what’s normal, so to speak, is a way to frame that up. Jason Diamond: It’s such a hyper focus on a fairly long-term and honestly nebulous potential outcome. You don’t have certainty. That, I think, is why most advisors would prefer the near-term liquidity. I mean, it’s not a secret, right? You can bill on assets, firms are incentivizing it and it’s a pretty direct recipe to net new asset growth, but it’s certainly a refreshing point of view. It resonates with me. I’m wondering if it’s resonated with clients and prospects. I guess what I’m asking is, do they feel that this is something different than the typical wealth management experience for this type of client? Nick Hubert: Yeah, Taylor, tell that story of the guy who said, “I’ve had this, but I felt alone.” I think that story of partnership, you tell pretty well. Taylor Gentry: Yeah. Jason, it was actually that same client, he had a investment banker, a wealth manager, attorney, and a CPA. CPA said, “The deal’s terrible, you shouldn’t do the deal.” Investment bankers obviously incentivized to do the deal. And so he’s saying, “You should do the deal.” That’s how he gets paid. He had a wealth manager who was silent and he had an attorney who just pushing paperwork. Jason Diamond: It’s like the start of a bad joke. Taylor Gentry: Yeah. No, seriously, it’s pretty remarkable. It’s like this guy did what he was supposed to do. He put the team of resources around himself. He got professionals in the seat. It’s that no one could connect the dots of all four of those people because they have the seat of those four people. And so it’s really resonated because there’s an ability to see a bigger picture and connect these dots and say, “Okay, this investment banker is saying X because of A, B and C.” And the CPA is saying it’s a bad deal and that it’s not a market deal. It’s 100% a market deal. This deal is right down the fairway in terms of what the market should value your company at and they just don’t understand how the transaction mechanics should work. And so it’s worked really well from that perspective of being able to be the quarterback or centralized point or personal CFO for folks in understanding where interests lie and also being able to think about what they are pursuing in a bit of a different lens. I think the second piece on that is where does it resonate for folks? I think that there is a gap in the marketplace that we are still working to close, and that gap is that business owners do not know what this monthly reporting package looks like. They do not know what really good reporting on their business looks like in terms of they have always run their… You’ve got a business owner. They’ve run their business for 10 or 20 years. They have a pulse on the business from their gut feel. That does not mean that the business has been optimized, is ready to go to the next level or is ready for a transaction and go through a transaction because they have not done the work on the backend to understand the moving pieces of the business at a granular level. This recording package, we oftentimes get this confusion around, well, I’ve got a temporary CFO or a controller or X, Y, Z. That is very different than what we’re talking about. Well, that is all accounting, close the books, have clean numbers. What we’re talking about is how do I marry operational data in the business, number of units ships, number of jobs completed, time on job, operational data to the financials in the business so I can then go make adjustments operationally on how to improve the business and continue taking steps forward. Jason Diamond: It’s very clear. Nick, anything you’d want to add to that? Nick Hubert: I’d say it’s easy to still cut that from a deal lens and say, look, when an investment partner comes to evaluate a business to sit in their seat for a moment, they’re going to look at the replicability of what that leader has done without that leader still in the seat. And if so many businesses are still reliant on that person and this gets talked about as processes, reporting systems, that ultimately results in a discount to the value of the business because although it can be viewed… For the leader, it’s like, it’s that control thing that entrepreneurs deal with. It’s what made them good. It’s what got you there. And so that transition is really hard. And that’s important from a deal lens because that does a direct impact to value. And to widen out the scope beyond the deal and to think about the entrepreneur’s life, this goes back to the dynamic that a lot of times entrepreneurs look for the exits because they’ve built something that it’s now owning them and what they’ve built is not resulting in the life that they want. And so how can we use this system to actually change that relationship, as I mentioned earlier, with the business so that they can run it more like an executive might and get out of the knife fight, so to speak, that often is how this can feel for a lot of folks, even for pretty large businesses. It can just feel like you’re a firefighter, you’re in a knife fight, whatever you want to use for that terminology. I think it’s as much about creating a different life outcome and different relationship and owning and leading a business as it is in driving deal value. Jason Diamond: Taylor, maybe I’ll ask this of you. Forgive the question, but private equity, I think in our space, has a little bit of a negative stigma at the moment. I don’t think that’s true across the board. I think people appreciate generally the need for capital and there are certainly benefits of private equity. But I’ll say as a whole, advisors are, let’s say, suspicious of private equity. You ever get that pushback? Does anybody ever view your experience or the way you position the story as a negative? Taylor Gentry: I think most people that we talk to don’t know what private equity is. They may have seen it in the headlines. They may have some sort of connotation around it. They won’t come out and say that they don’t like it. They don’t know why they don’t like it. The average American business owner, they don’t know what it is or what it means. So yes, you do have to fight that because of the headline piece around private equity, bad actor ABC, and that’s what gets the headlines. I think what private equity is really good at is taking a business that is not optimized or not running on systems and processes that it can run on. Again, it's not rocket science is not crazy hard. It’s just the private equity world has created ways to install systems and process that improve the value of the business by way of providing visibility to financials and operations in a way that the owner previously didn’t have. And so for us, we view it not by any means as the end all be all or the answer. There are clients we’ve worked with that have taken private equity capital and grown successfully, executed on some acquisitions and then exited again. There are clients that have evaluated those transactions and said, “Hey, not for me.” We are actually fairly agnostic to it. What we really spend a lot of our time on is what are we solving for? What’s the end game? How do we use this private equity transaction to get to where we’re trying to go and is it what we want at the end of the day? Because the reality is, if you’re going to stay on and run that business with private equity investment in, there’s a higher expectation on what you need to do Monday morning than when you owned it yourself and it was a little bit of your personal piggy bank too. Jason Diamond: I love it because you bring it back to the north star concept. Taylor Gentry: Yes, that’s exactly right. It’s what are we solving for and what game are we playing to be able to get to where we ultimately want to go? And for, as Nick mentioned that client that turned down the deal, it was a private equity investment. We got very clear with that, “Hey, here are going to be the expectations. You will have a monthly financial reporting call. You’re going to have quarterly board meetings.” These are things that need to happen in this business to be able to upgrade the management and cadence in this company. You don’t have to do it all tomorrow, but that is how you make a more valuable company, is installing some of these systems, process and cadence. And so we’re working with him now on doing that, just in a private context instead of in the private equity backed environment. Nick Hubert: I think there are three things embedded in this. I’d say number one, to Taylor’s point, this is a massive black box, in some ways by design. Wall Street’s had not a great reputation for a very long time of putting things behind the paywall, so to speak. And so we think a lot about our job as empowerment and education. Jason Diamond: Education, yep. Nick Hubert: Yeah. And so part of it is just, number one, how do we just demystify this thing and name things and take away the go to or bad? Because it can be that, but it should not be that from a core basis. That’s number one. Number two, a lot of entrepreneurs feel like they cannot get access to this ability to professionalize or level up or whatever these things are without bringing on that investment partner. And so part of our motivation is how do we actually bring this skillset in without needing to bring on an investment partner because oftentimes, that investment partner comes when you’re done, and so you don’t actually get to experience it. That’s number two. Number three is, Jason, part of your point earlier was like there’s still a trap here of potentially being able to get motivated primarily by the exit. And so again, that gets back to our business model, making sure our price Racing is right, all that good stuff. And it’s also the reality that a lot of businesses, if you just look at a very broad scope of American businesses, a lot of them don’t have value in the marketplace in a massively material way and/or won’t exit in a traditional way. And so the wealth creation journey then becomes much more of a conversation of, how do we manage the balance between investing in the company and distributing out of the company to invest elsewhere because we should actually be creating investment assets along the way because when you get to the exit, there’s no better power position at the moment of exit than already having financial security to some degree and giving you choice in the right deal, not the highest and best deal because you need to fill the piggy bank for retirement. Jason Diamond: I just want to be sure to ask because you did mention a couple times your pricing structure. How have you set it up so that you can be more agnostic about this as opposed to the typical… You want to talk about it for a minute? Nick Hubert: As it’s structured now, it starts with a retainer earlier on where we are working… As Taylor mentioned, we are going deep in the operational build of the business. We will do that on a monthly retainer. We’re engaging consistently. As assets get built up and if assets get built up, we start to chew that retainer down as assets go up. I think what we are ideally trying to figure out, and still honestly have not figured out yet, is how do we get to parity so that we don’t create an… I want to be able to work agnostically with a client to say- Jason Diamond: Yeah, I love it. Nick Hubert: … regardless of how I’m engaging with you, that’s the goal. So I’d say we haven’t cracked the code on exactly what that is yet, but mechanically, we’ve got the levers to pull to say how we price and move that retainer down is basically allowing to keep it at par, so to speak, for the client and allowing us to say, “I’m here to engage in making the best wealth creation outcome for you along the way, whether that’s investing in the business or investing outside the business.” Jason Diamond: I think that’s the right recipe. I agree. The levers can be fine-tuned, but to me, that’s the model you want to create where you can credibly look your prospects and clients in the eyes and tell them, “Our job is to serve you in the best way… We’re sitting on the same side of the table as you.” I want to turn this inward for a second. The home cooking concept. M&A, within the RIA independent space, is obviously a hot topic. Have you thought about it? Do you think it’s a critical part of a potential growth trajectory of a healthy, independent firm? I’m curious your perspective. I feel you, Taylor in particular, probably have a unique lens on this coming from the world you came from. Taylor Gentry: Yeah, Jason, I think if Nick and I wanted to put as much money as we possibly could in our pockets as fast as humanly possible. It’s a pretty easy recipe. It’s go get some private equity capital backer, roll up a few RIAs, get to a few billion of AUM and then sell it to the next private equity firm or roll it to the next private equity firm, do that a few times. We’d all make plenty of money and go on our way. We’ve been really intentional on this front, and again, I talk about this is what we want to do for the next 30 plus years. And really being intentional around building a business that has that enduring nature to it, decided to take private equity capital on, you are on a shot clock to some degree. Yes, you’re trying to build a best business, all of those pieces. You get cadence. You get capital. There’s a ton of value there, but you are on a shot clock that is not a shot clock we’re trying to get on at this stage. I’d say we opportunistically are looking at acquisitions. So we think about it, and Nick and I talk about it all the time, how much of our time should we be spending on acquisitions? And we think of it as 80/20 or even 90/10, 80% or 90% organic growth-focused, 10 to 20% acquisitions-focused. And so we’re actively evaluating those consistently and see deals on a monthly basis that we look at and evaluate, but it’s less of the focus today than it could be down the road. Jason Diamond: And Nick, do you think of that when you guys talk? Do you guys call that your true north? Do you think the same way you coach your clients and prospects to say, “For right now, it wouldn’t be the right move for us to take private equity capital and to do this acquisition rollup strategy because A, B and C are more important for us”? Nick Hubert: Yes. I think if we take our life north star for Taylor. I’m speaking for Taylor, but we’re close and so we share this of… To Taylor’s point, the life outcome of scaling that quickly with that type of capital backing is likely to create a life that I don’t actually want that’s not good for me, not good for my family, and honestly, not good for our clients at this point. And so that overrides in this case, even though the wealth, north star might say, “Hey, absolutely do that.” At some point something has to win. And so that is true. At the business side, as the north star is motivated by this mission of the entire entrepreneur journey, the worst thing I could do is shortcut my ability to be on that journey for a long period of time. One of our friends in this space says, “The best thing I can do for my clients is still be in the seat 30 years from now because I’ve lived a good life that enables that.” And I think that’s spot on for us, is everything, it’s so easy in today’s world to be consumed by short-termism and we are intentional in ensuring that we don’t succumb to that. While still recognizing to your point, I mean, you’re in this all day, Jason, right? There’s a massive opportunity in front of us to be thoughtful about how acquisitions fit into this. And I think we want to be open to that in a way that ensures we just don’t lose the core of the goodness of what we’re trying to build. Jason Diamond: I think that’s the right answer. The only wrong answer in my mind is we’re not open to this or we’re closed to it. To not at least be opportunistically aware of the dynamics in the market, I think is naive. But also, I’ll be honest, Nick, when I think about the concept of the north star, I have a hard time imagining, because we use a similar concept when we counsel advisors. What is your true north or your north star and your best business life, whatever you want to call it? To me, it does include absolutely the personal piece. I think it’s hard to define it only on the economic verticals because, I mean, I think about this for a transitioning advisor. Almost never is the conversation about crunch the spreadsheet and get us the biggest check possible. It’s, yeah, sure, transition capital is important, but it’s let’s also, we want a better work life and we want freedom to market and blah, blah, blah. To me, I think it’s a completely fair way. You two are looking at it at least for now and I assume you reserve the right to revise that opinion down the line. Nick Hubert: I think acquiring for size and scale is as often the headline is, yeah, we’re not into that at this point because I think… And yet, hey, if the right acquisition with the right people came along in that, we’d be extremely excited and would move very quickly to execute on that. So it’s a little bit of a both hand. Taylor Gentry: Yeah. Jason, I think it goes without saying, but my background on having done a bunch of transactions of businesses like this, it’s a natural fit for us to have this as a lever. And so we are looking at deals. We just haven’t prioritized it as the top priority. Jason Diamond: I think also where you are, 2024 was the launch of the business. It’s pretty common to see, all right, let’s nail this, let’s get our feet under us, client service model and then we’ll start to think about that down the line. A couple other things I want to ask you about running an independent firm. This is a pretty glowingly positive review, I think, of your ability to service clients, your ability to grow and to build and run the business that you want. Has there been anything negative that you haven’t enjoyed about running and operating this business, other than working with each other, of course? Nick Hubert: No, I was going to say, I’m like, can we get Taylor off the call again? Taylor Gentry: Jason, maybe I’ll take a first cut at it. I think for both Nick and I, it’s just the administrative components of running an independent business that we don’t enjoy candidly. I don’t think many people would. That said, you come full circle and it is a pretty glowingly positive review of running an independent business because we get to run it in the way that we see fit. And oh, by the way, we use the same things that we use with our clients. So the value drivers we’ve talked about, we have a value drivers worksheet. We refresh it every six months. Nick, Andrew, and I get together every six months and we’re 18 months into this thing and we’ve already got this cadence and system to it, if you will. So I personally really enjoy the running the business piece of it from a macro perspective. Yeah, I’m responsible for running our fee billing and running the math on all that and getting that done, for example. Jason Diamond: I think that’s actually a very thoughtful answer. And I appreciate you saying I enjoy running… I feel the same way, by the way. There’s some elements of running a business that I think are immensely fun. I think it gets painted with this brush of, “Ugh, running the business is the hassle and I want to work in the business.” Agreed, nobody likes invoicing and accounts receivable for the most part, but Nick, what are your thoughts on this? Nick Hubert: Yeah, I think mine is different a little bit coming from a different background where it’s easier for me to sit with the rose-colored glasses of the joy of the freedom that we have in this model. At the same time, when I’m counseling folks who are talking with folks or mentoring folks, younger people who are thinking about, “Okay, I want to go start my own thing,” I’m like, “Hey, it’s like I’m the same way. I want to look in the mirror and think I’m the boss or I’m one of the bosses and we get to go build this.” Then the reality is, at the end of the day, if there was something that you didn’t want to do that had to get done and you didn’t do it, you got to look in the mirror and be like, “Well, you’re the boss, you didn’t do it.” It’s the both sides of the coin that I think a positive, negative cut is one way to look at that because it can feel that way sometimes. And the reality is every job has 20 to 30% of it that you just don’t enjoy doing, and that’s totally true. Jason Diamond: It’s why they call it work. That’s why they pay you. Nick Hubert: They’d be pretty quick to point out that I’m the one of the partnership group that they’re going to have to chase for a smaller administrative item because, yeah, I honestly, just similarly speaking, don’t enjoy that. I want to go talk to clients. I want to go focus on building what we’re building. In finance speaks, it is a higher beta to just the all encompassing realities of running a business that is really hard to underscore without being in the seat. And yeah, there’s definitely 20 to 30% of that I would love to wave a magic wand and say, I don’t have to do anymore. Jason Diamond: Yeah, I appreciate that. Nick Hubert: You can’t have one without the other. It’s both sides. Jason Diamond: I think it’s getting easier and I think it’s getting more offloadable and some of it probably gets more… In some ways, more offloadable as you scale, but then you get a new set of problems, probably two, because you’re dealing with bigger… It’s a never ending. I think most business owners would agree with that. And you said it well, you take the good with the bad and overwhelmingly, most people we speak with in the independent space feel as you do, which is, are there things I would prefer to offload or that I would prefer not to do? Of course, but that’s almost just the price you pay for the freedom and for doing all the things you want to do. Two more questions that I want to be sure to ask about where this has been a great episode. One is AI. Need to know your thoughts. Is this coming for our jobs? Do you think your firm is positioned to capture either asset flows or also just to leverage this technology and use it to serve clients better? Just give me your thoughts. Nick Hubert: I think, in some sense, it would be irresponsible as people this early in our entrepreneurial journey and thinking about how do we optimize what we do for clients to not be engaging with AI in some way, shape or form, at least in an evaluative posture. So we are actively, in a bunch of different ways, whether it’s buy it off the shelf or build it, continuing to find ways to think about, not only how do we drive efficiency, because there’s an obvious surface level dynamic of if I can save time and spend more time with clients, that is a go to thing objectively. And there’s this deeper dynamic of if it can amplify what… Actually, back to your prior question, if it can amplify what I’m best at and enjoy and reduce what I don’t enjoy, that’s a massive win. And I think we’re on the surface of seeing that. That’s the opportunity we are motivated by that and pursuing that. And at the same time, I would say an operational principle that really is important to us, and you can almost call it a north star within the business is client security can never be put at risk for the sake of our own growth, our own efficiency, or anything else. There’s, I think, still a question mark as to how we think about trusting this. And so we are very cautious as we think about we will never try to move so quickly on any technology, whether it’s AI or otherwise that we risk our clients in some way, shape or form, because the reality is we are also in a context where AI is, when pulled, one of the least popular things happening in the world today for the average American. And so there’s no kudos here for being a leader. Jason Diamond: I totally agree. The first mover advantage here is slim to none. Nick Hubert: Yeah, you don’t want to be the one sticking your neck out on this in our industry. And yet there still objectively has a potential to be better for the clients. Navigating that I think is messy. Taylor Gentry: I think the only thing I’d add, which is pretty short, is the use of these tools has the ability to create a better deliverable for clients on a more consistent basis. And marrying that with exactly what Nick just outlined around the risk is really the magic piece here. And so I think, to the extent we can get it implemented effectively with the security, but also with, this is going to result in a lot better outcome for clients across the board, that’s a pretty attractive objective to go after and it’s pretty exciting to be in the industry with that now on the forefront in terms of ability to improve that experience over time. Jason Diamond: Yeah. No, that’s a good color to add. I want to end here with a potential HR violation, but you’ll forgive me. I’m not going to ask about age, but you are clearly both relatively young advisors. And this is a hot button issue in our industry, the idea that there are not a lot of talented, young next gen advisors at a time when a lot of gen one or older advisors are retiring out of the business. So what would you say… I think one of you made the comment earlier, it’s not necessarily the coolest industry to go into at 23 years old right out of school. I think more commonly people go into sales and trading, investment banking or some of the other finance verticals. What would you say to younger folks interested in wealth? And maybe I’d ask also, do you have any thoughts on how we solve this next gen talent crisis? And if you’re both secretly 90 years old, you can just do it. Taylor Gentry: You talking my internal age or my actual age? Jason Diamond: Why don’t you go first? Nick Hubert: Yeah, go ahead, Taylor. Taylor Gentry: I think there’s two threads here. The first is it’s not a sexy industry to go into and not as sexy as an investment banking, private equity shtick, if you will. I think from my perspective, it’s really important what you’re working on. The ability to be in a firm like what we are building with the diversity of work that is available is a little bit like the world’s your oyster and we’re designing it with that in mind. For Nick and I, the ability to work on many different situations throughout the day and throughout the week is actually why this business is so attractive and interesting and why we want to do it for 30 years. And so we’re building with that context. And so, in some ways, it’s almost like a plug for younger advisors, the ability to work in a firm like what we’re building where you’ve got this diversity of work that is not just trading stocks and bonds or just spreadsheeting or just financial planning. This is a much broader expression and experience than what I would call “traditional” wealth management. So I think that’s the key on that front. Then, on the talent development side of the equation, if you will, this AI thing is going to be a big question mark. And what I mean by that is there is significant training that will be required in, call it traditional wealth management or the firm we’re building with regard to folks’ ability to actually learn when you can plug it into AI and get an answer that you don’t have to critically question or think through. And so there’s going to be a significant learning curve for folks that we’re going to have to continue to train and educate on in order to produce talent that can be long-term sustainable and beneficial for clients more writ large. Jason Diamond: Nick. Nick Hubert: Well, first and foremost, we haven’t given our third partner enough here of time. I think we have a tremendous benefit of having a multi-generational team at the partnership level where he’s in his mid to late 50s and can bring that additional experience to bear and as is necessary, and as is important because investing is an experienced business and a lot of clients want that. And so the power of that matters. I think that actually speaks to firms being willing to think of partnership at that level that partnership is not reserved for just once you’ve been there for a long time. So I think it’s getting at like, how do you share ownership earlier, do it in a way that is actually giving people a stake in the outcome and allowing that elevation to happen. I think that’s number one. Number two, honestly, the existence of people like you and your team and that your family has built over the years, Jason, is awesome. And because of the ability for you to help people navigate and see how easy it is to actually run this business and build this business in some sense… And that’s in the broader spectrum of having seen. We work with so many different types of companies. We sometimes say our business is so much easier to run and it has come so far with technology and with people like you who are providers to us to allow it to be easier for us so to speak. That’s a big deal. I think that should be talked about more that there is a massive… What that allows is more time to, as Taylor mentioned, build what you actually want because you can outsource the compliance piece in a major way that allows you to not spend as much time on that as you used to. So I don’t think that gets talked about enough. And I think if you just zoom out and view this in the perspective of post-2020, there was this massive movement of entrepreneurship through acquisitions and people looking at this idea of how do I get the life I want by way of not having to be on a two-year clock to go to the next job to the next job. Have something that I can have a long-term impact on where I get to build something and have employees. This is the perfect space for that because it’s such an awesome business where you get to work so intimately with people and clients and their life outcomes. They’re, again, relatively speaking, easier businesses to run relative to what’s out there. I’m just baffled by the fact that it is not seen a larger wave of younger people coming out of these more “traditional” paths and seeing this as an awesome place when they’re willing to go buy an HVAC company. This is so much easier than that. So honestly, I think

Steve is the Founder and CEO of New Mountain Capital, an alternative asset manager with ~$60B in AUM as of year-end 2025, and a longtime leader in building firms focused on disciplined, growth-oriented investing. He shares how private markets have evolved into a game of operational execution and judgment, unpacking defensive growth, lower leverage, and why durable alpha increasingly comes from building better businesses rather than financial engineering.Please visit newmountaincapital.com for more information about New Mountain Capital and a list of its portfolio company investments.-This podcast/webcast is provided for informational purposes only and should not be considered legal, tax, investment, or business advice. It is not a solicitation, recommendation, or endorsement. All opinions expressed by participants are their own and do not necessarily reflect the views of the Evoke Advisors Division of MAI Capital Management, LLC ("Evoke”), its affiliates, or any companies mentioned. Information shared has not been independently verified by MAI or its affiliates. MAI Capital Management, LLC (“MAI”) is registered with the U.S. Securities and Exchange Commission ("SEC"), which does not imply any particular level of skill or training.Certain information contained herein has been obtained from third party sources and such information has not been independently verified. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by any person.While such sources are believed to be reliable, Evoke does not assume any responsibility for the accuracy or completeness of such information. Evoke does not undertake any obligation to update the information contained herein as of any future date.The content is intended for a general audience and does not constitute a recommendation to buy or sell securities or adopt any investment strategy. Any examples or scenarios discussed are illustrative only, involve risks and uncertainties, and do not guarantee future results. Non-traditional assets carry significant risks and may not be suitable for all investors. Decisions should be based on individual objectives, risk tolerance, and circumstances.Statements herein are general and may not reflect an individual's or entity's specific circumstances or applicable laws, which vary by jurisdiction. Further, speakers' views are personal and may differ from Evoke and MAI recommendations and are not specific investment advice; and do not consider client objectives, risk tolerance, and diversification. Guests may have current or past relationships with Evoke and MAI, its affiliates, or the host, including as clients, service providers, or business partners. Participation does not constitute an endorsement or testimonial. No compensation has been paid or received for guest participation unless disclosed. MAI and its affiliates may have business relationships with entities mentioned in this podcast, which could create potential conflicts of interest. These relationships may include advisory services, investment management, or other arrangements. MAI seeks to manage such conflicts consistent with its fiduciary obligations and policies.(As of December 22, 2025)

Dr. Michael Viehs is a globally recognized expert on responsible investment, stewardship and long-term value creation with over 20 years of experience in practice and academic life. He has advised leading institutional investors on a combined asset base worth more than $4 trillion and currently blends a combination of academic and advisory roles. Our discussion traces his career in which he has switched between an academic career and the private sector and traced an evolution in the understanding of and demand for sustainable investment strategies. He discusses his own current approach in this area and how it has evolved over time, and discusses the likely shape of stewardship in the next decade.The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

Send us Fan MailLEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/applyThis episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.To reach out to Reef Pass Investors, email holdcofounders@reefpassinvestors.comHow do I build a data edge with no team or budget?Matt Ober's first move: go all in on Claude and ensure every tool has an MCP connection. Fund admin, LP communications, compliance, capital calls, unified through MCP. Operations automate and you return to what you are paid to do.In this episode of Making Billions, Ryan Miller sits down with Matt Ober, General Partner at Social Leverage. Their riveting conversation covers building fund data infrastructure from nothing using MCP-connected tools! Separating alpha data from beta data before spending a dollar & why most AI fundraising tools are gimmicks. They discuss how prediction markets are becoming the most important new institutional signal, and the single discipline separating managers who turn data into returns from those who burn through budgets with nothing to show.What is the difference between alpha data and beta data?Alpha is a fleeting trading advantage. Beta is sticky and pays the bills. The data that was once edge is now infrastructure. The new edge is using AI to synthesize more data faster.[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.[THE GUEST]: Matt Ober, General Partner at Social Leverage, the seed-stage firm with over 500 million dollars AUM and more than 150 portfolio companies. He holds the CAIA charter, one of the most rigorous credentials in alternative asset management.Subscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/ryanmilleroffical/X: https://x.com/_MakingBillionsWebsite: https://making-billions.com/Support the showDISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan MailToday's guest is Marcus Ryu, Co-Founder/Former CEO of Guidewire Software and General Partner at Battery Ventures, one of the longest-standing technology-focused venture and growth equity firms in the world with over $13 billion in AUM across its fund history.Guidewire, which Marcus co-founded in 2001 and led as CEO for over two decades, became the defining platform for property and casualty insurance software — going public on the NYSE in 2012 and scaling to a multi-billion dollar enterprise serving hundreds of insurers globally. Today, Guidewire trades at a market cap north of $10 billion and remains the gold standard for core systems modernization in the insurance industry.Since transitioning to Battery Ventures, Marcus has brought his operator lens to bear as an investor, focusing on enterprise software and the intersection of technology and complex, regulated industries.Support the show

Something bigger is happening around XRP—and it isn't just one headline. Ripple President Monica Long has been recognized as one of the most influential leaders in stablecoins as RLUSD continues gaining momentum. MoonPay has connected FedNow to its platform, bringing real-time 24/7 payments another step closer to digital assets. Franklin Templeton now leads tokenized Treasury issuers with $1.6 billion in on-chain AUM growth, while Citadel Securities has made its first major crypto investment with a $400 million commitment to Crypto.com focused on tokenized securities and derivatives. At the same time, the CLARITY Act continues advancing in Washington, providing the regulatory framework institutions have been waiting for. These aren't isolated stories. They're all pointing in the same direction. In today's episode of **On The Chain**, Jeff and Chip connect the dots behind XRP, Ripple, RLUSD, FedNow, tokenization, stablecoins, institutional adoption, and why the financial system appears to be converging faster than ever before. We also go **Around the World**, breaking down today's biggest geopolitical stories, including election integrity, Scott Bessent, Marco Rubio, government oversight, Canada, and the global developments shaping markets and policy. **If you want to understand what's happening—not just the headlines, but how they all fit together—this is the episode you don't want to miss.** ━━━━━━━━━━━━━━━━━━━━ ## SUPPORT ON THE CHAIN ☕ Badassery Coffee [https://badasserycoffee.com](https://badasserycoffee.com)

What exactly is a model portfolio—and should you trust one with your retirement?Tom and Don explain why professionally designed model portfolios can improve consistency and reduce advisor bias, but also why investors should be wary as firms like Morningstar begin adding private equity, private credit, and other alternative investments to traditional portfolios.00:12 What is a model portfolio?02:11 Why advisors should use investment models03:31 Morningstar's new private market portfolios05:20 Liquidity problems with private investments07:27 The high cost of private equity08:12 “Persistent inflation” claims examined10:49 Why Wall Street wants retirement assets12:23 Listener questions begin14:17 AUM vs flat-fee vs hourly advisors21:22 Do ETF expense ratios add together?23:21 Roth IRA income limits and backdoor strategy27:44 BrokerageLink inside a 401(k)31:00 Costco, avocado oil, and gas pricesQuestions? Comments? Click!

Jeff sits down with Gavin Filmore of Tidal for a deep dive into why, even after three decades, the ETF industry is still, potentially only in the “second or third inning.” Gavin walks through the evolution from simple, passive equity ETFs to today's surge in active and derivatives-based products, explaining how his experience running an oil ETN through the negative-oil shock convinced him of the importance of flexibility over rigid index rules. They break down how market makers and regulation (like 6c-11 and the derivatives rule) have reshaped the landscape, why semi-transparent ETFs fizzled, and how white-label platforms like Tidal have ridden this innovation wave to roughly $80 billion across hundreds of largely active funds. Jeff and Gavin also get tactical on what it really takes to launch and grow an ETF now, from differentiated “white space” ideas and realistic AUM milestones, to operating capital, distribution strategy, and the contrasting roles of grassroots retail demand versus platform-driven institutional flows, before looking ahead to areas like prediction markets and single-stock futures as the next potential frontiers.Chapters:00:00-01:12=Intro01:13-3:51=Early Innings: Gavin's New York Roots and ETF Growth Setup3:52–13:30 = Active ETFs, Derivatives, and Why the ETF Boom Is Still Early13:31–21:48 = Why Derivatives Need Active ETFs: Oil Going Negative, Flexibility, and Hidden ETF Plumbing21:49–32:57 = Market Makers, Liquidity Myths, and the Hidden Frictions of ETF Trading32:58–44:13 = Building Tidal: Inside a White-Label ETF Platform Built on Active and Derivatives44:14–01:02:12 = How to Launch an ETF: Capital, Distribution, Retail vs. Institutional, and Platform Hurdles01:02:13-01:13:40 =  Prediction Markets, Single-Stock Futures, and the Next Frontiers for ETFs01:13:41-01:19:16 =  ETF Inning Count, Industry Outlook, and Parting ShotsFollow along with Gavin and Tidal on LinkedIn and be sure to check out tidalfinancialgroup.com for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠⁠

With Constantine Hatzivassiliou—Partner, Certuity Golf taught Constantine Hatzivassiliou how to perform under pressure. Building a nearly $5B multi-family office taught him that the best advisors become the first call when life, not just the markets, gets complicated. In Summary Many advisors spend years mastering investments, but for affluent families, portfolio management is often just the starting point. Jason Diamond welcomes Constantine Hatzivassiliou, Partner at Certuity, to discuss how his journey from aspiring professional golfer to leader of a nearly $5B multi-family office shaped his approach to client service. Their conversation explores why trust is earned long before a crisis, how family office services evolve naturally from client needs, and why the advisor's role increasingly resembles that of a quarterback coordinating every aspect of a family's financial life. The discussion also examines organic growth, referrals, fiduciary advice, private equity's impact on the RIA landscape, and the qualities that allow advisors to become indispensable over decades—not just market cycles. The Storyline Many advisors spend years perfecting investment management. But as clients become more successful, the job changes. The questions become bigger than portfolio construction. A business is being sold. A family dynamic shifts. A tax issue emerges. An estate plan needs updating. Suddenly, the advisor isn't simply managing assets—they're coordinating decisions, relationships, and emotions. For Constantine, that broader role was shaped long before he entered wealth management. As an aspiring professional golfer, he learned lessons about discipline, preparation, and performing under pressure that continue to influence how he serves clients today. Jason and Constantine explore how Certuity grew from approximately $210 million in assets to nearly $5B, not through acquisitions but through referrals and a service model built on becoming indispensable to the families they advise. Constantine explains why he believes the best advisors function more like quarterbacks than portfolio managers, orchestrating the many moving pieces that come with significant wealth. The conversation also examines the evolution of the multi-family office model, the role of fiduciary advice, the impact of private equity on the advisory landscape, and why experience, judgment, and trust remain the qualities clients value most. Ultimately, this episode is about what it takes to become the first call when life – not just the markets – becomes complicated. Topics Covered Lessons from professional golf that translate to wealth management Building Certuity from $210mm to nearly $5B in assets What distinguishes a multi-family office from a traditional RIA Why referrals fuel long-term organic growth Becoming the “first call” for affluent families Fiduciary advice and the evolution of the advisory profession Family office services beyond investment management Private equity and M&A in the RIA space Developing the next generation of advisors Trust, relationships, and lifetime client service > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did professional golf prepare Constantine for advising wealthy families? (3:45) Constantine explains why competing under pressure taught him discipline, emotional control, and process—qualities that now guide every client relationship. How did Certuity grow from $210 million to nearly $5 billion? (8:00) He shares why nearly all of the firm's growth has come organically through client referrals rather than acquisitions or aggressive recruiting. What separates a multi-family office from a traditional advisory firm? (11:45) The conversation explores how expanding into trust, estate, tax, and family office services became a response to client needs—not a business strategy. Why should advisors think of themselves as quarterbacks? (20:00) Constantine recounts a client business sale that fell apart at the closing table and explains why advisors often become the person holding everything together. How does Certuity view private equity and acquisitions? (36:20) Jason and Constantine discuss when outside capital can make sense—and why Certuity has chosen a different path centered on client alignment. Why do wisdom and experience still matter in an AI-driven world? (29:30) Despite advances in technology, Constantine argues that judgment, trust, and perspective remain the qualities affluent families value most. Key Takeaways High-net-worth clients increasingly value coordination, judgment, and perspective over investment selection alone. Family office services often evolve naturally as advisors respond to increasingly complex client needs. Sustainable organic growth is rooted in trust, which explains why referrals account for the overwhelming majority of Certuity's new business. Golf and wealth management share the same disciplines: preparation, emotional control, patience, and executing under pressure. The most valuable advisors become trusted partners during life's defining moments—not simply portfolio managers. Technology continues to reshape wealth management, but experience and wisdom remain difficult to replicate. Building a lasting advisory business requires investing in culture, succession, and the next generation of talent. https://youtu.be/m72Hq6bMTo4 Quotable Moments “The best advisors aren't simply managing portfolios. They're the first person clients call when life gets complicated.” “A bad shot in golf is the equivalent of a bad day in the market. You can't let one dictate everything that comes next.” “More often than not, we're not just financial advisors—we're financial therapists.” “Growth gets the headlines. Trust is what makes it possible.” FAQs What is a multi-family office? A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Why has Certuity grown primarily through referrals? Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. How does golf relate to wealth management? Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. What is Constantine's perspective on private equity in wealth management? While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. What qualities distinguish exceptional advisors today? According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. Related Resources Emotional Intelligence: The “Untouchable” Differentiator in an AI World Intentional Growth: How Top Advisors Build Businesses That Last The 10 Characteristics of the Most Successful Teams Constantine HatzivassiliouPartner  Constantine Hatzivassiliou is a Partner at Certuity, a nationally recognized multi-family office serving affluent families, entrepreneurs, executives, foundations, and endowments. He advises clients on the complex financial, tax, estate, and business planning decisions that accompany significant wealth, helping families coordinate all aspects of their financial lives through a comprehensive family office approach. Drawing on more than two decades of experience, Constantine works closely with successful business owners, corporate executives, and multi-generational families to simplify financial complexity and align investment management, tax planning, estate planning, philanthropy, and family governance strategies. As a Certified Exit Planning Advisor (CEPA®), he frequently assists entrepreneurs in preparing for liquidity events, business transitions, and the long-term stewardship of family wealth. His clients often view him as a trusted advisor and strategic sounding board, helping them navigate important financial decisions with the perspective of both a family office professional and a coach. Prior to joining Certuity, Constantine held advisory and banking positions with The Bank of New York Mellon, Bernstein Global Wealth Management, and Pacific Mercantile Bank. Before entering the financial services industry, he was a Golf Professional and member of the PGA of America, experiences that continue to shape his disciplined, competitive, and relationship-focused approach to advising clients. Outside of his professional responsibilities, Constantine is passionate about mentoring young athletes and strengthening the communities in which he lives and works. He serves as a Board Member of Coerfontaine Football Club (CFC), a premier youth soccer organization focused on developing young athletes and helping them pursue collegiate and professional opportunities while fostering leadership, discipline, and character. He also serves as Chair of the Safety and Security Committee for Parkland, where he works alongside community leadership to enhance resident safety, security, and quality of life. In addition, Constantine is a Founding Board Member of The Boardroom, a private membership organization focused on fostering meaningful relationships among business leaders, entrepreneurs, and professionals through networking, education, and philanthropy. Born in Greece, Constantine spent his childhood in Montreal before relocating to South Florida. He attended the University of Florida before earning a Bachelor of Arts in Economics from Florida Atlantic University, where he graduated with honors. He holds the Certified Exit Planning Advisor (CEPA®) designation. A lifelong student of the game, Constantine remains active in golf and is a member of Muirfield Village Golf Club, founded by his longtime  hero and mentor, Jack Nicklaus, as well as Parkland Golf & Country Club. Constantine resides in Parkland, Florida, with his wife, Stephanie, and their two children, Nicholas and Olivia. 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. Episode Transcript Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason 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 $1 billion 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. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I want to talk more about the growth because that’s remarkable. But before I do, can we double click on the service model? So, I would say the most typical we hear, I think more of our guests typically come from the wirehouse world where it’s I have my book, you have your book. What does your service model look like? So, is it truly, if it’s working well from the end client perspective, you should be interchangeable with your partners and it’s a true team approach? Constantine Hatzivassiliou: How we engage our clients, the theory should be I can get hit by a bus tomorrow and outside of the client not being able to speak to me directly, they will not have a hiccup in any way, shape or form. And when we’re dealing with families across multiple generations, the way we’ve built our platform, that continuity is critical in the engagement process for the clients hiring us to help them through all of the challenges that they face. Jason Diamond: What’s your sweet spot in terms of client size? Constantine Hatzivassiliou: Our average client size today has just shy of eight million AUM with us. We have some clients who have $1 million certainly but they’re strategic in that their friends, their family, they could be centers of influence who help send business our way because they value what it is that we do and there’s a strategic partnership because we might need them for their trust and estate services or their accounting work and they have clients who have a need and we’re on the short list of people they refer to. Jason Diamond: That they trust. Yeah, makes sense. So, I’ve seen this in the news and also even on your own internal materials, I’ve seen you described as both a modern multifamily office, you’ll also obviously hear the term RIA as well. Does that distinction matter at all? And maybe my second part of that question would be what is the distinction between that space, whatever you call it, and the more traditional firm world from a client service perspective? You mentioned that all of your partners from that world. Constantine Hatzivassiliou: I started in this industry truly at an institutional level at Bernstein in New York and, for anyone who knows Bernstein, they really do brainwash you on the fiduciary model and the values affiliated with that philosophy has translated through my career at BNY Mellon which has a very similar feel as Bernstein. And then, when we came here, we instilled that same core value principle of fiduciary responsibility for our clients so we are very different than a traditional wirehouse or brokerage house, it is why we’ve grown so successfully. I would never, one, work for an institution that did bide by those standards and, secondarily, I wished Congress and Senate would turn around and actually implement a mandatory fiduciary liability for all financial advisors because, far too often, we see prospective clients or families get taken advantage of because the individual sitting across from them giving them financial advice is not necessarily aligned with their goals and objectives. Jason Diamond: So, I take it you are fee only. Constantine Hatzivassiliou: We are fee only. Jason Diamond: Yeah. I don’t want to lose the thread on the first part of my question. Do you think there is a distinction between a multifamily office and an RIA? I don’t want to lead you here but to me it implies a different level or different caliber of service model that probably includes more of the ancillary trust and estate and CPA type stuff that higher network clients need but curious what your thoughts are. Constantine Hatzivassiliou: Our first seven years at the firm, we were strictly an RIA, we functioned as an advisory service provider to our clients. What attracted me and my partners to Certuity was the nimbleness of the firm. So, for instance, at BNY Mellon, we often deemed a change necessary as moving an aircraft carrier across the world but it was an impossible task to accomplish. But when you’re small and nimble and clients come to you with a need and you’re in the service, ultimately, first and foremost, it made sense for us to start building out family office services for our clients because they had a need and we found it as a way to centralize everything because, far too often, when the communication standards break down between all the individual parts, one, it’s more expensive for the clients and, two, the process isn’t efficient, things get missed. So, we tried, largely due to our growth, to bring everything in house and our clients appreciate that for it. Jason Diamond: So, this is not a chicken and egg situation, this is very much we had large clients, we were attracting large clients and, in order to service them optimally, here’s what we felt we needed to build. Is that fair? Constantine Hatzivassiliou: 100%. Jason Diamond: Let’s shift gears, I need to go deeper on the professional golf thread a little bit. I promise I won’t make the whole interview about your golf background. I’m curious if you feel like that experience or that, I don’t know, upbringing or, I guess, background laid any foundation for the way you engage with clients today or the way you operate as a business leader today. Constantine Hatzivassiliou: So, there’s a couple parts to that. The golf side, certainly, just from an engaging client perspective, 90% of our clients are golfers. Jason Diamond: It’s very true. Constantine Hatzivassiliou: Right. It just helps because of our background and certainly with some of the clients and partners that we have at the firm, golf is a critical thread in what we do. However, when it comes to golf, what I learned playing golf at a high level directly translates to how we manage money for clients and I’ll express it this way. There’s generally two types of golfers, there’s the artist, the Sergios of the world who don’t fundamentally function off of specific points in their swing or a very structured platform, they see something, their mind becomes creative and they execute on it. I was never that way, I am a numbers person, I think everything analytically, I break everything down to the minute, everything is strategized and organized, I was taught to practice that way by Coach Alexander at the University of Florida and that foundational element seemed easy, it worked. If you practice properly, you’ve succeeded. Under pressure, all those hours and hours of repetition translated to success more often than not. In our industry, it’s process-driven, it has to be unemotional. A bad shot in golf is the equivalent of a bad day in the market, you can’t let one bad day in the market influence everything you do for the next year. Same way on the golf course playing in a tournament, you can’t allow one golf shot to affect the rest of the round. We kid with our clients oftentimes that, while we are fundamentally their financial advisor, more often than not, we’re their financial therapist. We have to control their emotions and make sure they’re not making an irrational decision. For instance, a couple days ago we were out with a client the day that Iran shot down one of the US military helicopters and we’re sitting down at lunch and, all of a sudden, his phone starts blowing up because he’s getting all these Google alerts to the market heading in the wrong direction and he had to go do a life insurance test later on that afternoon. So, all week, he had prepped and he was calm and he was relaxed, he was really excited, he’s, “My wife is setting me up with a new insurance policy and I know it’s for her benefit but all my numbers look good, I’m going to ace this and my premiums will be really low because of it,” it was a $25 million policy. And as he’s looking at his phone and he sees the market collapsing in his mind, his blood pressure rose to no end, you could see that his anxiety level went through the roof and, had I not been there with him at the time to hold his hand through that process, his afternoon would’ve been shot. I would’ve got a phone call saying, “What are we doing to prevent 2% loss in my portfolio,” because that’s how he thinks and, in that moment, I was the therapist to talk him off a ledge. It’s so hard for individuals to manage the stress of the markets, that golfer mentality of, okay, just breathe, relax, let’s see what’s going on, let’s make an educated, confirmed decision, let’s circle back with our caddy if we’re on tour and competing and make a unified decision for the long-term success of the goal that we’re trying to achieve. And what we do every day is the same thing with our clients. Jason Diamond: It’s an incredibly thoughtful answer, I expected a version of the latter part of your answer. I appreciate that you added the part about just most clients like golf, enjoy talking about golf, enjoy playing golf and it’s an effective business development tool, there’s no question. Constantine Hatzivassiliou: So, I have two kids, a 12-year-old and an eight-year-old, my son who’s 12 who’s an exceptional soccer player and wants to, aspires to play professionally one day has now fallen in love with golf which I’m ecstatic about. I think golf and tennis, from a business development perspective- Jason Diamond: Yeah, lifelong sports. Constantine Hatzivassiliou: And I look at it now and my mentor when I started in the business was absolutely right. The fact that I could get a CEO of a Fortune 100 company to want to actively spend four hours with me where we could dive into the weeds about their personal life, their financial situation, their business, you could never get that time otherwise. I urge everyone who’s coming out of college or is going into college who wants to aspire to be in any type of sales related role, golf is a great venue to make long-term relationships. Jason Diamond: And importantly, tennis is not as good on the knees long-term or the back long-term. So, you stick to golf, you get a little more longevity out of it. Constantine Hatzivassiliou: It does help, yes. You’re right. Jason Diamond: My thought always goes to people call it the 15th club in golf, just this mental element of the game and to me it’s the clear moment in golf that always comes to mind for me is the 72nd hole. I don’t know if you just watched the US Women’s Open but Nelly Korda standing over a two-foot putt that I really thought she missed, is there an equivalent of that moment? Are you ever able to recreate that pressure in your current role or is that something that you miss? Constantine Hatzivassiliou: Jason, we have those moments weekly, countless stories. Here’s where I love my job. I’ve transitioned from being the guy behind the screen who is just trading accounts, that’s where we all start and you have to have that foundational perspective of what’s involved in trading an account on a daily basis. Not that we ever picked stocks to an extensive level, we were generally managing ETFs, mutual funds and strategies but I’ll give you an example. So, just last week, we had a family and this is where the family office side comes in more so than the financial advisory services come in. We had spent four months in helping a family sell their business, it was a life altering moment, the dad started the business, the dad had been independently successful, net worth of well into eight figures, was happy and content, brought his son into the business, son was brilliant, saw an opportunity within the business and grew the business by 4,000%. Jason Diamond: Literally? Constantine Hatzivassiliou: Yup. All because of this, the son saw a different direction and pivoted the business and grew it out and here he is, getting ready to have their first child and he gets approached by a firm to acquire his business. They’re ecstatic, the number was perfect, I thought it was overvalued, I was telling them that there’s no way they could turn it down because the number was too significant. Had they gone to the market, they would probably never achieve that level of return. And literally, the day of closing, as we’re expecting the wire to come through, the deal gets pulled. So, here you have the father who’s crushed because he was trying to provide something for his son, the son who’s just devastated because he now was preparing for the second stage of his life and you go through at that stage the classic stages of grief, it’s the cycle that goes through it. I was holding their hand through the three-month process up to there, every day, hourly calls, strategizing, building everything out, organizing the accounting team, organizing the attorneys, getting it all to work out. And here I am, father and son, unbelievably stressed, you have the wives in the background who can’t quite comprehend what’s going on, you have employees beneath them who are now confused as to there was a transition getting ready to take place and the only person who can step in under that critical moment to bring everybody back together was me. So, here I am thinking, 20 years ago, I’ll just pick stocks and bonds for individuals but now I’m in the middle of deal flow trying to help a family solve the issues that arise. So, those are hugely critical- Jason Diamond: Yeah, that’s right. Constantine Hatzivassiliou: …moments where, because our clients are our friends and family, we care for them like they’re our own, you become emotionally attached. And the same pressure that I felt when I won my first mini tour event after college, when I had to get up and down from the impossible bunker shot and I hit it to six feet and I made the crucial put to win my first $23,000 check which I thought was unbelievable, they gave you those big old-fashioned- Jason Diamond: The Happy Gilmore checks. Constantine Hatzivassiliou: Exactly, right? It was the greatest day at that time. The stress of being in that bunker trying to hit that shot is the same stress I felt having two phones ringing, one the father, one the son where we have to keep that situation separate. So, you’re diving into unbelievably stressful situations and the best part is, when we get it all solved and literally yesterday we solved the entire dynamic of the business, I get a text from the son saying that this was the most incredible rollercoaster experience he’s ever experienced, that he’s incredibly grateful for all that I did and our team did for him and that, for the rest of his life, we will always be the first person he calls to solve any of his problems. So, for us, that’s the recreation of that stressful moment and then the victory on the back end. Twenty-five years ago, I got the big Happy Gilmore check. Yesterday, I got that text which I’ve printed out and framed and have it in my office as a constant memory of why it is we do what we do. Jason Diamond: And I would bet that’s more impactful than the $23,000. It’s an incredible story and I’ll tell you why, you said it but it’s as far away from stocks and bonds as you could possibly get. But I think, most advisors, a story like that resonates much more. It leads into my next question. You intentionally choose to service a high net worth segment of the market and I would assume that number’s probably creeping up, not down over time in terms of who you service. My thought is that’s a very competitive segment of the market as well. Is this how you differentiate is just you make it about those types of human examples or is there more to it? Constantine Hatzivassiliou: I’m envious of the advisor who could walk into a room of 200 people and they become the central focal point of the room where they can walk up to every single person and fearlessly ask them incredibly personal information, I’m not wired that way. For me, I’m very much the individual that I will find the one person that I have common ground with, I will deepen that relationship and I will add value and, because of the value that I create, I become a critical component of that individual’s success. And that’s how we’ve grown our business holistically at the firm largely buy that extra layer of service. We’re a commodity business. Being in South Florida, the clubs that I belong to, 10 to 15% of the members feel like they’re financial advisors. You could throw a rock anywhere and find a financial advisor so how do I differentiate myself? The only way I can truly differentiate myself and my firm is the level of service we provide, to go that extra step. To where, when we’re calling a client, they know I’m calling them to support their needs not because I’m seeking something for any ulterior motive. Jason Diamond: But you don’t mention financial planning or investment management or asset custody. Is that because I assume just that’s table stakes? Of course we do that but … Okay, yeah. Makes sense. Constantine Hatzivassiliou: That’s the easy part, right? That’s foundationally … And to your earlier point, you were asking the RIA model. One of the biggest challenges that we had down here in South Florida was the RIA model is new. If you were in the northeast, RIAs are very common, out west, incredibly common. Down here in South Florida, I just finished dealing with Bernie Madoff. Jason Diamond: You were fighting the good education fight a little bit. Constantine Hatzivassiliou: At Bernstein, 108 of our clients had assets with Bernie Madoff. Jason Diamond: Yeah. Constantine Hatzivassiliou: So, when you leave, one of our biggest growing curves as an RIA in South Florida was, when you leave the power of BNY Mellon or Bernstein and you’re some random little shop called Certuity, no one knows who you are. So, there was a big part of our education in the business was learning how to educate clients and prospective clients on the value of the RIA model and the fiduciary model in particular. Jason Diamond: Could you give me the 30-second answer to that if somebody says who are you, your prospect? I’ll tell you why I ask. Forget just Bernstein’s and BNYs of the world, a Morgan Stanley advisor or Merrill advisor has the exact same fear. I’m leaving Merrill to go launch Jason Diamond Wealth Management, my client’s going to say, “Well, who is that?” So, give me the quick pitch. Constantine Hatzivassiliou: Your typical broker, let’s say, you’re not really hiring JP Morgan, you’re not really hiring Wells Fargo, you’re not hiring Goldman Sachs, you’re hiring the advisor who works for that institution. Now, yes, that advisor has the Rolodex of data and information available at the firm level but, ultimately, you’re entrusting that individual to make your decisions for you. The broker who leaves the brokerage model to open up their own brick and mortar operation has to then decide are they continuing down the wirehouse brokerage model where they’re transactional in nature, the economics behind that, far more profitable. The revenue streams affiliated with a brokerage house drastically blows us out of the water. But then you have to also look at yourself in the mirror so how are you running your book of business, how are you running your practice. So, to answer your 30-second question, the RIA model, in my opinion, is truly the only way any family of wealth should proceed with an advisory firm because you want an individual who is aligned in your goals and objectives. Our clients know that I’m their chief financial officer, I work for them. They task us with building out a financial strategy that is customized to their individual needs and they never have to worry do I have an ulterior motive as to why I’m presenting an option in that strategy. And, because of that, the fiduciary model, I think, is critical for our success as a firm and, again, as I mentioned earlier, I wish it’s something that was industry well and not the vast minority. Jason Diamond: Yeah. No, that’s a great answer. So, do you think then that, as time has gone on, this has gotten easier? I assume the answer is yes either because more clients are aware of your brand and/or more aware of the space as a whole. Constantine Hatzivassiliou: The first thing that helped the most was some gray hair. When I started at Bernstein, I attempted to solicit new clients very much the same way I do today. But when I was 26 years old and I’m sitting in front of a family worth and the dad was in the 70s and he lived his life and I’m younger than his kids, he would look at me and say, “What do you really know? What experience do you have?” So, doing this now for as long as I have, the number one thing that has helped me the most in growth is just wisdom and time. Without that, yes, you can be a rockstar stock picker. We have so many kids coming out of college today with the advent of AI and technology that have algorithms that could run unbelievable portfolios and there is a segment of the market who wants to hire and engage those individuals but, generally speaking, the families that we service, that is 10th or 12th on the list of importance. Jason Diamond: No, I think that’s spot on. I think most high net worth clients counterintuitively agree with that, that alpha, for lack of a better term, is really not the name of the game or not in the top five reasons why you would engage with a financial advisor. Constantine Hatzivassiliou: Agreed. The biggest thing that we’ve been doing to educate clients especially in today’s environment, I had a call yesterday with an individual, a client who lives in New Jersey who works out of New York for a hedge fund, he knows our space incredibly well. He’s one of those kids, 28 years old, brilliant, as smart as you’ll ever be but his tax bracket is atrocious. He is paying so much of his W-2 income in taxes and building out a strategy that can reduce his tax liability by several hundred thousand dollars a year far exceeds any alpha I can generate by picking a top decile performer. Jason Diamond: What was the strategy? Move to Florida? I’m just kidding. Don’t answer that. Constantine Hatzivassiliou: We offered that but, unfortunately, he has to be physically in the office in New York City but yes. Jason Diamond: I think that will resonate, by the way, your gray hair comment. I appreciate the humility and the modesty in that because, the reality is, one of the questions I was going to ask you about was next-gen talent cultivation. In my opinion, this is a hard game for younger folks for that reason. People sit across from other people with a lot of money and they say, “Why am I going to entrust you with my life’s work when you just don’t have that degree of experience?” I was asking more even about your firm success and your firm story, have you felt like that’s caught on more? Do you have more brand awareness, if you will, now when you go to a prospect meeting or do you think you’re still constantly fighting that education fight? Constantine Hatzivassiliou: So, first part, brands, it’s improved in our immediate network. In our little bubble of the world, yes, it’s known. Let’s call it, in South Florida the influential attorneys, the accountants, the divorce attorneys know who we are because, having been down here long enough, we’ve had opportunities to work together. Our network of friends, certainly, the word spreads. But in the grand scheme of things, we are so small in the South Florida landscape or the LA landscape or the New York landscape so any incremental gain that we pick up is meaningful. And then, as it relates to young talent, our success is completely, long-term, derived by the young talent that we bring in to nurture them to help them grow. I look at our success, two of our critical mentors and board members of our firm are in their 80s, their children and grandchildren, nepotism aside, whether it was interning while in college or coming to work for us after school, they’re our best employees. And our goal as a firm, just like how I was offered the opportunity to become a partner and own a piece of the business, our goal long term will be to transition the business to this younger generation that we’re developing. I look at, again, those two board members who are in their 80s, the advice they’ve given me is don’t ever stop working, you have to be doing something. And I turn to them and say, “I don’t work every day.” I put in 20 hour days, well, not quite 20, 18 hour days but it’s never work because, what I do every day, I don’t deem it work, I love what I do, I don’t ever see myself stopping. Because they’ll tell me all of their friends that have stopped working or sold their business, invariably, the men die within six months because boredom and we always joke around that you’ll continue to work forever. So, I would hope that one day I transition into that advisory board member role where I step aside day-to-day activity where I’m now a mentor to our younger generation that we’re promoting into partners because we’ve made promises to our clients that we will forever be their family office. So, we have to, as part of our growth model, have those transitions in place because we’re servicing many families that have 85-year-old clients and two-year-old clients and we’re tasked with the two-year-olds as well as the 85-year-old. Jason Diamond: I also feel like there’s a little bit of younger generations I think have been reluctant to some degree to get it, you can disagree with this, to get into this space because there’s a more appeal to things like investment banking and sales and trading to some degree. The other problem obviously you alluded to is asset gathering. Your model speaks so clearly to success because you don’t say I own the client, that’s my relationship. To me, you plant the seeds of being able to handle succession much better than somebody who does the mine is mine and yours is yours approach. Is that fair? Constantine Hatzivassiliou: That’s completely accurate. And I think there’s two types of people that serve in the financial advisory space. You have the individual who is analytics driven, who likes being behind the bank of monitors trading account and there’s a critical part of our firm and our success is driven by the team in the office that aren’t necessarily client facing that do all the heavy lifting every day because they’re really doing the heavy work. Myself, my partners, the select few, while talented and able to do that, realize the value that we present is quarterbacking the relationship and helping understand all the components. We kid around that we’ve all stayed at a Holiday Inn Express last night, we’ve become experts in tax, we’ve become experts at trust and estate planning, we’ve become experts at divorce, we’ve become experts at the medical field. It’s shocking how it’s 2:00 in the morning and you get a phone call, panic attack by a client saying they need a doctor for X, Y and Z, can you connect me. So, the younger generation, yes, the sexy space is investment banking and that is really hard work. I could not do what my friends at Goldman do who are at these private mid-market funds, that’s just not me. I’ve been fortunate that I stumbled into an avenue in financial services that I think perfectly fits my personality and my want and desire to help others because that’s what we’re driven by and we try and hire people with that same mindset. The hardest thing as an RIA especially in South Florida is finding and retaining talent that is like-minded and that could function well within our family. Jason Diamond: If you build a firm predicated on culture and client service, I understand, certainly, the importance of that. I want to shift gears, I don’t want to lose this thought. You mentioned organic growth, it’s incredible. You have not mentioned inorganic growth at all and maybe because you haven’t had to but give me your thoughts on M&A, private equity in this space, do you have plans to sell the business, take on a capital partner, buy other RIAs? Constantine Hatzivassiliou: Yeah. So, I understand why private equity in the last 10 years has come into the market. For years, they bought up insurance practices, that recurring revenue, sticky assets, it makes sense. Personally, I’m not a fan of them being in our markets, I think they’re motivated at the end of the day by AUM growth, revenue growth and the second transaction which, for most of our clients, would not make sense because, again, that then questions why it is that we’re motivated to do something. Am I taking extra risk in the portfolio because I want to grow the AUM because I’m looking to sell in a year? Am I bringing in a strategy that has a higher fee? For us, it doesn’t work. In the brokerage model, it makes perfect sense. Now, there are some RIAs who leave the wirehouses, open up an RIA shop, do really well for their clients but don’t have the long-term aspirations of making the institution a legacy to where they’re passing it off. I hope my kids one day want to come work for dad and follow in his steps, that’d be amazing. Just like our younger generation working at the firm, our goal is we’ve already targeted the three or four guys that will be partner one day and we’ll transition the business over to them. But it’s okay if there’s an RIA out there who doesn’t have that transition product or isn’t motivated by that and is looking at it as a vehicle that I’ve built a really good successful book of business and I want to now retire and spend time with my family and kids and travel, et cetera, and that’s where PE steps in and offers an attractive number and the person makes their move. So, I can’t fault the individual for wanting that and I’m not saying that they’re not doing well by their clients, it’s just, for us, I’m not a fan of it because, again, I’m first critically and always focused on what’s best for the client. Jason Diamond: Fair. And I largely agree with some of what you said around private equity in this space but private equity enables … Obviously, it’s capital so which enables acquisitions which is why a lot of firms take on private equity. So, what about the idea of potentially buying businesses to start up inorganic growth? Constantine Hatzivassiliou: We have gone down the road of acquiring other institutions potentially. The challenge is, because we manage money so uniquely and our approach is so different, I’m not going to bring on an institution or bring in a new partner to the firm or a new book of business that we’ve acquired if the methodology and the life of that book doesn’t mirror ours. So, yes, there is opportunities to grow through acquisition, it’s not something that we are leaning on heavily. However, for the right institution that’s available that is aligned with our thinking, whose clients would value and appreciate how we do things or, if that institution is doing something truly unique that we would want to bolt onto our platform, all day long because, again, for the benefit of the client, it makes sense. So, yes, there are opportunities for that. Too often we find that, when a book is available for acquisition, the highest bidder tends to win out and we don’t have the deep enough pockets to write a multiple that we don’t deem to be, let’s call it, market neutral. Jason Diamond: Yeah, market prudent. I understand the premise and I think that’s fair. I also think you have the luxury, because of your organic growth, you can be super, super picky about inorganic and I love how you bring it all back to the lens of the client. Can this improve the client experience in some way? And, if so, yes, we’ll take a look. I got time for one more question, I can’t believe time has flown. You’ve had a remarkable journey, professional golf now partner at a $4 billion plus on the way to $5 billion RIA multifamily office. What are you most proud of when you reflect on your career journey? Constantine Hatzivassiliou: What am I most proud of? To see what Rich, myself and Mark and Jayson built over these years from where we were sitting in a small conference room, struggling to figure out how do we find a way to hire a trust and estate attorney to help with that component, which CPAs do we bring on board in-house because clients have a need. So, the entrepreneurial spirit involved in growing the business, the late nights, the struggles, the banter back and forth, to put so much blood, sweat and tears into this and now to look at all that we’ve accomplished, being in four separate states with offices, having so many wonderful employees that have come to us from all over the world, Germany, from China, from Tokyo, bringing people in to the US and building out something that, when we leave at the end of the day, are incredibly proud of. My father’s no longer with us, for 50 years, I always strived to make him proud because he never told me that he was proud of me, he was the classic Greek old-fashioned dad. I think he looks down on his now for everything that we’ve built and would say that he’s proud of us so, for me, that’s the best. Jason Diamond: Yeah. That’s an incredible place to end. Thank you for sharing that, it’s a touching place to end and I appreciate you being open. Thank you. This has been one of my favorite episodes, your journey, your humility, your honesty, your transparency, it’s no wonder you’ve built a business you’ve built. So, thanks for joining us, Constantine. I look forward to having you back on to talk about the next chapter. Constantine Hatzivassiliou: Thank you. Next time we’ll do it from the golf course. Jason Diamond: Oh, absolutely. 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 responsibility 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.   Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason 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 $1 billion 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. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I

Your clients may have millions in company stock and still struggle with the decisions that matter most: exercise now or later, hold or sell, diversify or stay concentrated. In this episode, we sit down with Marcel Miu, founder of Simplify Wealth Planning in Austin, Texas, to discuss how advisors can help clients navigate equity compensation while building a successful advisory firm.Marcel shares his journey from JP Morgan and Cohen & Steers to launching his own fee-only RIA, and why technical expertise alone isn't enough to grow a business. We discuss the realities of client acquisition, how marketing has evolved, why LinkedIn isn't the opportunity it once was, and why advisors need multiple marketing channels instead of relying on a single strategy.We also explore flat-fee financial planning versus AUM, particularly for tech professionals whose investment portfolios may be simple but whose planning needs are anything but. Marcel explains why a flat-fee model often creates better alignment, how to set clear expectations, and how to determine whether a client is the right fit.Marcel's Social:https://www.linkedin.com/in/marcel-miu/Music in this episode was obtained from Bensound.

Jason is CEO of Wilshire, overseeing roughly $1.76 trillion in assets under advisement and $176 billion in AUM, and has spent more than two decades helping shape the firm's evolution beyond its index roots. He shares how private markets are moving from institutional portfolios into broader investor access—and why scaling them requires better design, discipline, and implementation, not just access.-This podcast/webcast is provided for informational purposes only and should not be considered legal, tax, investment, or business advice. It is not a solicitation, recommendation, or endorsement. All opinions expressed by participants are their own and do not necessarily reflect the views of the Evoke Advisors Division of MAI Capital Management, LLC ("Evoke”), its affiliates, or any companies mentioned. Information shared has not been independently verified by MAI or its affiliates. MAI Capital Management, LLC (“MAI”) is registered with the U.S. Securities and Exchange Commission ("SEC"), which does not imply any particular level of skill or training.Certain information contained herein has been obtained from third party sources and such information has not been independently verified. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by any person.While such sources are believed to be reliable, Evoke does not assume any responsibility for the accuracy or completeness of such information. Evoke does not undertake any obligation to update the information contained herein as of any future date.The content is intended for a general audience and does not constitute a recommendation to buy or sell securities or adopt any investment strategy. Any examples or scenarios discussed are illustrative only, involve risks and uncertainties, and do not guarantee future results. Non-traditional assets carry significant risks and may not be suitable for all investors. Decisions should be based on individual objectives, risk tolerance, and circumstances.Statements herein are general and may not reflect an individual's or entity's specific circumstances or applicable laws, which vary by jurisdiction. Further, speakers' views are personal and may differ from Evoke and MAI recommendations and are not specific investment advice; and do not consider client objectives, risk tolerance, and diversification. Guests may have current or past relationships with Evoke and MAI, its affiliates, or the host, including as clients, service providers, or business partners. Participation does not constitute an endorsement or testimonial. No compensation has been paid or received for guest participation unless disclosed. MAI and its affiliates may have business relationships with entities mentioned in this podcast, which could create potential conflicts of interest. These relationships may include advisory services, investment management, or other arrangements. MAI seeks to manage such conflicts consistent with its fiduciary obligations and policies.(As of December 22, 2025)

This podcast is our final podcast released and produced by the Always a Pensions Angle podcast series by DG Publishing. While the recording was made earlier in the Spring, the governance concerns remain pertinent and in flux for the LGPS. Clair Alcock is a highly respected leader in UK public service pensions, with over 20 years of experience dedicated to making pension systems more transparent, fair, and accessible. She currently serves as Head of Pensions at the Local Government Association (LGA) and Secretary to the LGPS Advisory Board, where she plays a pivotal role in shaping the future of public sector pensions.We speak in particular about the challenges of certain governance changes - the introduction of the independent person role as well as the Senior Officer within every Administering Authority. We discuss training, the importance of knowledge sharing and upgrading the skill network. We look to the future finally, to determine the direction that many of these pooled entities are likely to take. The Fiftyfaces Podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

India's private credit market is moving from IBC-era rescue finance to a broader asset class. Performing credit is hot, but complexity-driven capital remains scarce and potentially higher alpha.InCred Alternatives' Ankur Jain, who is a managing director for private credit strategies, tells 9fin APAC reporter Rajhkumar Shaaw about a market that is still only about $25bn-$30bn in AUM, or 0.6% of GDP, but growing at roughly 25% CAGR.Jain also unpacks India's private credit boom, why global macro has had limited impact on India-focused borrowers, and how domestic funds and wealth-market co-investments are increasingly challenging foreign investors.Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

In this episode of the Model FA Podcast, David DeCelle sits down with Matthew Halloran, Chief Evangelist at Zocks, for a conversation that goes way beyond financial advisor technology. Matthew shares his journey from therapist, to life coach at Carson, to building Proudmouth, to helping advisors reclaim their time and use it more intentionally. The conversation covers persistence, personal growth, client experience, organic growth, niche marketing, and why the best advisory firms are not just focused on more AUM, but on helping more people. David and Matthew also dig into how advisors can use freed-up time from technology and AI to create better client events, deepen relationships, uncover opportunities inside their existing book of business, and build a practice that supports a better life. If you are a financial advisor looking to grow with more intention, create stronger client relationships, and rethink how you spend your time, this episode is for you. In this episode, David and Matthew discuss: • Matthew's path from therapy to financial services coaching • Why advisors need support beyond practice management • The role of persistence, resilience, and asking for help • How client events can become a powerful organic growth strategy • Why advisors should create "return on moments" for clients • The importance of choosing a hyper-focused niche • Why marketing often takes 18–24 months before momentum compounds • How AI and integrated technology can uncover opportunities inside your existing client base • Why growth should be framed around helping more people, not just adding more assets • How better listening can improve client relationships and personal relationships When advisors get time back, the goal should not be to simply fill that time with more busywork. The opportunity is to reinvest that time into deeper client relationships, better experiences, more focused growth, and a better life outside the business. #ModelFAPodcast #FinancialAdvisorMarketing #AdvisorGrowth #ClientExperience #OrganicGrowth #FinancialAdvisors #PracticeManagement #AIForAdvisors #DavidDeCelle #MatthewHalloran Connect with Matthew Halloran: LinkedIn: Search Matthew Halloran Book: Shut the F Up and Listen TEDx Talk: Search "Matt Halloran TEDx" Zox: Zocks.io About the Model FA Podcast The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes  to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no "gotchas" or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.  Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you'd love to see covered.  Our Team: President of Model FA, David DeCelle If you like this podcast, you will love our community! Join the Model FA Community on Facebook to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.

Matthew Kentridge, a strategy consultant with over 30 years experience, who is a trustee and advisor and also works as an executive coach. We were both at INSEAD together, and I have followed his career ever since – and am delighted now to bring some of his learnings to our audience. Our conversation starts with his early consulting career and the experience that growing up in South Africa generated, as well as his early career there. We move then to his move into coaching and the principles that he brings to coaching sessions, including the four big questions that he believes everyone should spend time thinking about. He runs a course around these four big questions, which everyone, regardless of age, gender, nationality, or educational level, has to confront and address at some point in their life: Who Am I? What Do I Want? What Are My Options? What Happens Next? We move from this into the importance of successfully navigating key inflection points and keeping strategy simple.This podcast is supported by Franklin Templeton and Alvine Capital. Franklin Templeton is a global investment management firm that provides a broad range of investment solutions, including mutual funds, ETFs, alternative investments, wealth management, and technology-enabled financial services. Founded in 1947, the firm manages approximately $1.8 trillion in assets under management (AUM) and serves individual and institutional investors across more than 150 countriesFounded in 2005, Alvine Capital is a European focused private capital advisory and placement agent that provides capital raising services to investment managers. From its base in London and its office in Stockholm it creates bespoke capital raising programs that blend appropriate investor targeting and sophisticated marketing to deliver a fundraise aligned with institutional expectations

Who is funding the students that India's banks won't touch?Propelld is one of India's largest education-focused lenders, giving loans to roughly 1.5 lakh students every year — matching SBI — with a team a fraction of the size and no branch network. In a single financial year it now disburses more education loans than SBI did in six years of its history.Victor started Propelld in 2016 with a thesis born out of a Milton Friedman paper: a good student should never have to walk away from a good opportunity just because they don't have the money. Propelld hit its stride by going exactly where traditional lenders refuse to — 70% of its borrowers come from tier-3 cities, a segment banks treat as too risky.Instead of chasing the safe 1% of students at IITs and IIMs, Victor made a bet most lenders never make. He built the ability to underwrite the end-use itself — a "Crystal score" for institutes and courses that measures employability and real ROI. The result: NPAs held at ~1%, roughly one-tenth of what banks see the moment they step outside tier-1.Victor has a clear view of where lending goes next. In a post-LLM world, risk, distribution, and fulfillment get radically more efficient — one person already drives ₹50 crore of disbursal a year, and OPEX is projected to fall toward 2% at ₹6,000 crore AUM. His ranking never changes: NPAs first, unit economics second, growth third.If you are excited about how AI is rebuilding lending — and who gets to dream bigger because of it — this episode is for you.00:00 - Trailer00:50 - The two numbers that tell Propelld's story01:55 - Why 70% of borrowers come from tier-3 cities02:21 - How NPAs stay at 1%02:52 - Why education is a great asset class04:04 - Building a "Crystal score" for institutes and courses05:31 - End-use control: why an education loan isn't a personal loan06:27 - Why banks only lend to IITs and IIMs08:36 - Measuring employability to underwrite the end-use10:23 - 10 years at the intersection of fintech and edtech11:46 - Why education financing is only ~5% penetrated17:53 - Do India's graduate really not get a job?21:12 - The 8% data point, and quantifying ROI22:24 - The social mobility no one can price25:39 - From IIT Madras and a global bank to building Propelld27:41 - How the post-LLM world rewires lending30:26 - How fast an institute gets onboarded and a loan disbursed32:12 - Profitable at a ₹1 lakh ticket size34:13 - The financials: doubling revenue, holding costs flat to FY3037:19 - Lending as an ecosystem enabler, not just a loan39:33 - The most valuable courses in a post-LLM world41:40 - The bet on arts graduates as coding gets commoditized43:32 - The Milton Friedman paper that started it all46:53 - 100 investors, and the few who said yes48:33 - Co-founding with school friends since class 650:24 - Settling disagreements over food and Hampi trips51:31 - The most common mistake fintech founders make52:51 - The one metric that ranks above everything: NPAs-------------India's talent has built the world's tech—now it's time to lead it.This mission goes beyond startups. It's about shifting the center of gravity in global tech to include the brilliance rising from India.What is Neon Fund?We invest in seed and early-stage founders from India and the diaspora building world-class Enterprise AI companies. We bring capital, conviction, and a community that's done it before.Subscribe for real founder stories, investor perspectives, economist breakdowns, and a behind-the-scenes look at how we're doing it all at Neon.-------------Check us out on:Website: https://neon.fund/Instagram: https://www.instagram.com/theneonshoww/LinkedIn: https://www.linkedin.com/company/beneon/Twitter: https://x.com/TheNeonShowwConnect with Siddhartha on:LinkedIn: https://www.linkedin.com/in/siddharthaahluwalia/Twitter: https://x.com/siddharthaa7-------------This video is for informational purposes only. The views expressed are those of the individuals quoted and do not constitute professional advice.Send us Fan Mail

[REDIFFUSION] Bienvenue dans Les Fabuleux Destins. Dans cet épisode, nous allons vous parler d'un homme au charisme et à la perversion sans limite. Leader d'une secte très influente au Japon, il a tué des dizaines de personnes et a voulu prendre le contrôle de son pays. Son nom : Shōkō Asahara. Entre apocalypse et armes chimiques, découvrez son abominable destin. Aum, l'une des sectes les plus dangereuses au monde Tokyo, 20 mars 1995. Un jeune homme d'une trentaine d'années passe complètement inaperçu. À cette heure de pointe, lorsqu'il s'assoit dans le wagon, personne ne le remarque. Et encore moins le petit sac plastique qu'il dépose sous son siège… Après une demi-heure de transport, le jeune homme perce discrètement le sac de la pointe de son parapluie, se lève, sort en laissant le paquet derrière lui… et le métro repart. Les passagers sentent soudain une étrange odeur se répandre dans la rame : une odeur chimique. Et passé l'étonnement initial, ils commencent à se sentir mal. Ils toussent, ont la respiration coupée, sont pris de nausées subites. Leurs pupilles se contractent et leurs visions se troublent. Une minute plus tard, le métro s'arrête à quai et le conducteur sonne l'alarme... Un podcast Bababam Originals Ecriture : Elie Olivennes Production : Bababam Voix : Andréa Brusque Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of The Jason Drees Show, Jason sits down with client Alex Cartwright to unpack the mindset behind going from $0 to $60M in AUM in 24 months. Alex went from being a professor of economics to building Hotel Shift, raising roughly $20M in equity, and leading major hotel-to-apartment conversion projects. But this conversation is not just about business or real estate. It's about identity. Jason and Alex talk about leaving the safe path, killing people-pleasing, staying calm under pressure, raising money, trusting bigger opportunities, and learning how to grow into success before your old self-image is ready for it. This is a real conversation about pressure, leadership, money, emotional control, and the frame required to play a bigger game.

Scroll through any financial feed, and you'll eventually hit the same pitch: AUM (assets under management) fees are a ripoff, and only foolish high earners pay them. We think that framing bends the math to sell you something, so we're breaking down why AUM fees have become the villain in personal finance marketing and giving you a real test for judging whether any advisor is worth the cost.Key moments:(03:56) Fees should be judged against service value(14:43) Separating bad service from bad fee models(17:23) Flat-fee comparisons can exaggerate AUM costs(28:02) Busyness and inertia create financial planning mistakesResources mentioned: Vanguard Advisor's Alpha studyLike the show? There are several ways you can help!Follow on Apple Podcasts, Spotify or Amazon MusicLeave an honest review on Apple PodcastsSubscribe to the newsletterJoin SLP Insiders for student loan loopholes, SLP app and member communityFeeling helpless when it comes to your student loans?Try our free student loan calculatorCheck out our refinancing bonuses we negotiatedBook your custom student loan planGet profession-specific financial planningDo you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!Mentioned in this episode:The SLP YouTube ChannelIf you're more of a visual learner or you like seeing charts, breakdowns, and exploring other topics, check out https://youtube.com/studentloanplanner

LIL #005: Your Advisor Collects Fees Whether You Win or LoseYour advisor gets paid every year. Less than 5% of them actually earn it.Episode SummaryIn this episode of The Lifestyle Investor Podcast, host Justin Donald breaks down why the traditional financial advisor model is broken and what the ultra-wealthy use instead.You'll learn why AUM fees create a structural conflict of interest, how a real family office works compared to a single advisor, and how $30,000 in annual tax savings can compound to over $13 million across 30 years.Question of the Day

Learn what financial advisor fee structures could mean for your wealth and how to find someone who won't sell you out. What new threats are emerging for identity crime victims? Host Sean Pyles, CFP®, and news colleague Rick VanderKnyff are joined by Mona Terry, chief operating and programs officer of the Identity Theft Resource Center, to walk through the ITRC's 2026 Trends in Identity Report. They explore why more than 1 in 4 victims now face two or more simultaneous identity incidents, how device compromise differs from the scams most people think to watch for, and whether AI is already making identity crimes harder to detect and resolve. Do financial advisors have a built-in conflict of interest that could be costing you money? Sean is joined by co-host Elizabeth Ayoola and NerdWallet Wealth Partners CEO Ryan Sterling to tackle a listener's question about whether they should hire a financial advisor. They dig into how different advisor fee structures — from AUM (assets under management) percentages to flat-fee plans, hourly rates, and commissions — create different kinds of conflicts, what the fiduciary standard actually guarantees (and what it doesn't), and what red flags could signal that an advisor's priorities aren't aligned with yours. Learn more about working with a financial advisor at NerdWallet Wealth Partners: https://nerdwalletwealthpartners.com/smart  How to Prevent Identity Theft: Warning Signs, Protection Services and More https://www.nerdwallet.com/finance/learn/how-to-prevent-identity-theft  Read the ITRC's 2026 Trends in Identity Report: https://www.idtheftcenter.org/post/2026-trends-in-identity-report-hacked-devices-overtake-scams Subscribe to our podcast's free email newsletter for bonus content and more from our hosts at https://smartmoney-nerdwallet.beehiiv.com/  Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices