Podcasts about ibd

Most health experts who take insurance have been told the same thing. If you want to make real money, drop insurance and start selling high-ticket cash pay programs. I like a good cash pay program. I also think that advice gets applied to practices where it makes very little sense. This episode is a real coaching conversation with my client Angelina, who owns an established, heavily insurance-based dietitian practice in Ohio. She has clients, she gets referrals from gastroenterology groups, and her reimbursement rates are solid. The most important question for her business was never whether to blow up a working model. It was how to make that model more profitable, more differentiated, and less dependent on adding sessions to her calendar. We build a hybrid offer in real time, where insurance covers the clinical sessions and the client pays separately for the testing, messaging access, and resources insurance was never going to cover. We get into pricing, continuity, boundaries around access, and how to position a practice so the big insurance-based platforms stop being competitors at all. If the only two options you've been given are more 1:1 sessions or stop taking insurance, this conversation gives you a third option that's got serious potential. Timeline Highlights [00:00] – Why "stop taking insurance" is the wrong first move for an established practice [08:16] – Angelina's setup: buying a twenty-year-old insurance-based practice in Ohio [12:57] – How a hybrid offer works and what the cash portion actually pays for [15:51] – Competing with Nourish, Fay, and BerryStreet without competing on price [20:44] – Naming the specific result: healing IBS and IBD instead of managing symptoms [29:08] – Building a low-ticket continuity offer so clients don't disappear at month four [33:10] – What belongs on the cash-pay side: testing, meal plans, supplements, portal resources [37:40] – Pricing the hybrid when insurance already covers part of the total [42:44] – Why graduating every client costs you revenue and costs them results [48:40] – Setting messaging boundaries before you need them [55:45] – SEO, GEO, and Google reviews for a practice built on local referrals [1:04:41] – Doubling income without adding a single session Top Quotes from the Episode "You can't out-price a company with venture funding and insurance leverage. The move is to build something they aren't even offering." "Nobody stands in a parking lot deciding between McDonald's and a good gourmet burger. Those aren't the same product, and your practice shouldn't be the same product as a platform handing out free sessions." "Insurance teaches people to buy an hour of your time. A signature offer teaches them to buy a result." "The cash portion of a hybrid offer covers everything insurance was never going to pay for, which is usually the part that creates the outcome." "Not everyone wants to be graduated. I've worked with the same trainer for eleven years because I like having the help, and your clients are no different." "People overstuff their deliverables and then spend years on the hook for all of it. The better question is what's the least amount of support someone needs to get what they came for." "Set the boundary before you need it. Renegotiating access after someone has already crossed the line is a much harder conversation." "This model lets you earn twice as much from the same number of sessions, or keep the income steady and cut your session load in half." Links & Resources Take the CEO Type Quiz Practice Better (EHR, client portal, messaging, program delivery) If this one landed, follow the podcast, leave a review, and send it to a practitioner who's been told insurance is the reason they aren't making enough.

Here's how to handle the big winners. Jim Roppel, founder of The Roppel Report, joins Investor's Business Daily's “Investing with IBD” podcast to discuss market rotation, crypto's comeback and why biotech's best days are still to come. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Mette Julsgaard and Pradeep Mundre on IBD before and during pregnancy: what active disease costs in fertility, what to check at the preconception visit, and a drug by drug run through of what to stop, continue and start, from 5-ASAs and thiopurines to biologics and JAK inhibitors, as well as the use of low-dose aspirin.

Measure what you value. Don Vandenbord, chief investment officer at Revere Asset Management, joins Investor's Business Daily's “Investing with IBD” podcast to discuss whether AI companies can make money, the infrastructure underpinning the market momentum and indicators that help you manage risk. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Check your investment's vital signs. David Keller joins Investor's Business Daily's “Investing with IBD” podcast this week to discuss the broadening market and sector rotations. He also talks about the value-oriented sectors with emerging potential. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dr. Mitch Shulman can be heard every weekday morning at 7:50 on The Andrew Carter Morning Show.

Top reasons why low residue didn't REALLY help you....Here's the thing - low residue is not recommended as an effective or helpful strategy long term with IBD and can impact your symptoms and risk in the long run.In fact there is no reputable organization that recommends it for IBD because we have decades of research pointing to the importance keeping color and fiber in the diet when it comes to IBD for best outcomes.Instead of taking more things out - when we work with our patients in a flare up - we focus on modifying gut friendly foods that trigger symptoms and focus on slow advancements in the diet.Did you know when you take this approach - your gut bacteria actually get better at breaking down foods and symptoms can reduce with time?Send us Fan MailNeed Support from an IBD Dietitian?

Ryan Belanger — Founder & CEO, Claro Advisors Most firms are adding AI to existing workflows. Ryan Belanger chose a different path, acquiring a fintech company and rebuilding Claro Advisors around an AI-native platform. He explains why he believes the future belongs to firms that rethink how they operate, not just the tools they use. In Summary Most firms view AI as another technology investment. Ryan Belanger sees it as a business strategy. Louis sits down with the Founder & CEO of Claro Advisors to discuss why his $1.5 billion RIA acquired a fintech company, built an AI-native operating platform, and believes the firms that gain the biggest advantage won't simply adopt new technology—they'll rethink how their businesses are built. The conversation also explores the broader philosophy behind that decision. Ryan shares why he's consistently chosen unconventional paths—from recruiting younger advisors and embracing a partnership model built around ownership to investing in proprietary technology instead of relying on third-party solutions. For advisors, the bigger question isn't simply how AI will change their workflow. It's how it may change what it takes to build a durable, differentiated advisory firm. The Storyline Every generation of wealth management has been shaped by a different competitive advantage. For some, independence paved the way to build unique branding and a bespoke client experience. Inorganic growth and M&A gave many firms access to scale and growth. Today, many believe the next advantage will come from artificial intelligence. But simply adopting AI may not be enough. Ryan Belanger has spent his career challenging conventional thinking. He left Morgan Stanley in 2012, well before independence became mainstream. He built Claro Advisors by investing in younger advisors instead of competing for established producers. He embraced a partnership model centered on advisor ownership rather than restrictive employment structures. And when AI began reshaping the industry, he made another unconventional decision: instead of licensing another technology platform, Claro acquired a fintech company and built its own AI-native operating system. Louis explores the reasoning behind each decision and the philosophy that connects them. Ryan explains why he believes proprietary technology will become a defining competitive advantage, how Claro's AI platform, Claire, is changing advisor workflows, and why the biggest opportunity isn't replacing advisors; it's giving them more time to do the work clients value most. The conversation also tackles practical questions facing every advisory firm: how to integrate AI responsibly, where human judgment continues to matter most, and why the firms best positioned for the future may be the ones willing to redesign their businesses instead of simply adding another layer of technology. Topics Covered AI-native advisory firms Acquiring a fintech versus licensing technology Building proprietary advisor technology Advisor productivity and workflow automation Recruiting and developing younger advisors 1099 partnership model and advisor autonomy Enterprise building and long-term differentiation AI governance and advisor trust The future of wealth management technology > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Ryan launch independently long before it became common? (7:30) Ryan explains why leaving Morgan Stanley in 2012 wasn't simply about independence—it was about creating a better business model while betting on himself. Why recruit emerging advisors instead of established producers? (15:00) Ryan shares why investing in younger advisors has become one of Claro's greatest competitive advantages and succession strategies. Why would an RIA buy a technology company? (23:45) Rather than licensing another platform, Ryan explains why Claro acquired NDVR to build proprietary technology that could fundamentally change advisor workflows. How does Claire actually help advisors day-to-day? (33:00) From meeting preparation and client follow-up to portfolio management and workflow automation, Ryan walks through how AI is saving advisors meaningful time. Will AI replace advisors—or make them better? (36:30) Ryan discusses where AI belongs, where human advice remains essential, and why he believes technology should enhance – not replace – the advisor relationship. What does the advisory firm of the future look like? (38:20) Ryan shares his long-term view of how AI, proprietary technology, and advisor expectations will reshape wealth management over the next decade. Key Takeaways Ryan believes firms that build AI into the foundation of their businesses will create greater long-term differentiation than those simply adding new software. Claro's acquisition of a fintech company reflects a strategy of owning core technology rather than relying exclusively on third-party vendors. AI is most valuable when it eliminates administrative work, allowing advisors to spend more time serving clients. Recruiting younger advisors and investing in long-term talent has become a defining part of Claro's growth strategy. Advisor autonomy, equity participation, and technology can create stronger retention than restrictive employment models. Human relationships remain central to wealth management, even as AI becomes increasingly capable. The firms that adapt fastest may be those willing to rethink their operating model—not just their technology stack. https://youtu.be/7XvSXi0PzXI Quotable Moments “I wanted to build something that was integrated instead of just layering another tool on top.” “We're trying to make really good advisors become super advisors.” “Clients still want advice from a person—but they're going to expect that person to know how to use AI.” “The firms that win won't necessarily be the ones using the most technology. They'll be the ones building differently.” FAQs Why did Claro Advisors acquire a fintech company? Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. What is Claire by Claro? Claire is Claro Advisors' AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. How is Claro using AI differently than many RIAs? Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor's workflow, planning, portfolio, and client information. Will AI replace financial advisors? Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. How does Claro recruit advisors? The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. What does Ryan believe will differentiate advisory firms in the future? He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. Claire is Claro Advisors' AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor's workflow, planning, portfolio, and client information. Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Related Resources Why AI Matters Now: Filling the Estate Planning Gap with Wealth.com Emotional Intelligence: The “Untouchable” Differentiator in an AI World Diamond Consultants Annual Advisor Transition Report Ryan BelangerChief Executive Officer & Founder Ryan founded Claro Advisors in 2012 after seven years at Morgan Stanley. He named the company after a Latin phrase “to make clear in the mind.” All Claro advisors strive to give their clients clarity and transparency, core tenants of the firm. Claro is continuously recognized within industry for its growth and thought leadership. In 2004, Ryan received a BA in Economics from The College of the Holy Cross and in 2009, he earned the Certified Financial Planner™ distinction. He is most proud of his philanthropic activity. Along with his wife Rachel, they started a foundation that raises money for genetic research in the name of their late daughter, Bella. Their focus is on extreme rare disease. Ryan resides in Boston’s Back Bay with his wife Rachel and their three children. He enjoys exercising, golfing, reading and spending time with his family. He has been featured in numerous magazines and industry publications and is regularly on television sharing his market thoughts. 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… Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future A conversation with Louis Diamond and Ryan Belanger, Founder & CEO of Claro Advisors.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future. It’s a conversation with Ryan Belanger, the Founder and CEO of Claro Advisors. 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: Artificial intelligence has quickly become one of the biggest topics in wealth management in the world. Almost every firm is experimenting with new tools, looking for ways to automate tasks, improve efficiency, or help advisors serve clients more effectively. But what if AI isn’t just another technology to plug into your business? What if it becomes the foundation for how your business is built? That’s exactly why I wanted to have Ryan Belanger on the show. Ryan is the Founder and CEO of Claro Advisors, a billion and a half dollar RIA that’s taken a very different path than most firms in the industry. Rather than simply adding AI to an existing tech stack, Claro acquired a FinTech company and is building its own AI native operating system designed specifically for advisors. What’s interesting is that this isn’t really a conversation about software, it’s about strategy. Ryan has consistently gone against the grain from leaving Morgan Stanley to launch an independent firm in 2012 before it became commonplace, to recruiting younger advisors when others chased established producers, to betting that proprietary technology will become one of the biggest competitive advantages an advisory firm can have. If AI is going to reshape wealth management, and I think it will, the firms that benefit most may not be the ones using the most tools. They may be the ones rethinking how the entire business operates. Ryan shares what that looks like in practice, what he’s seeing from advisors today, and why he believes the next generation of advisory firms will look fundamentally different from the firms we’ve known over the last two decades. There’s a lot to cover, so let’s get to it. Ryan, thanks for joining us today. Ryan Belanger: Yeah, nice to see you. Louis Diamond: You too, good to see you again. For those who aren’t familiar with you and your firm Claro, why don’t you walk us through your background and how you found your way into the industry to set the table. Ryan Belanger: Yeah, sounds good. So background was after college, I got a job at Morgan Stanley. I’d done an internship while in college and that gentleman, Morgan Dewey, said you should look at the Morgan Stanley. So I applied, got a job immediately, and just a couple weeks after graduating, I began as a financial advisor in a training program at Morgan Stanley and spent a good amount of time there and was able to develop skills necessary that really I had all along just growing up, a lot of entrepreneurial spirit I think is important in this business, how to relate to people, some competitiveness. I just happened to luck out and get into a profession that rewarded some of those skill sets. Louis Diamond: I’d say it was the right choice for you. So I think you started at Morgan Stanley in 2004. You were 21, 22 years old, just cutting your teeth, but the financial crisis happens a handful of years later. So what was it like being a relative newbie and seeing client accounts falling, the world crumbling every day? What did living through that crash teach you that’s shaped how you’ve built your business or serve clients now? Ryan Belanger: I did learn a tremendous amount at Morgan Stanley and I do still tell people if they’re looking to start at a big shop with big training programs and resources and really try to figure out what you like and then you can go off and get more specialized. But I do feel like it was a great place to get trained. They would post how many cold calls we were making every day. So on the board every morning you’d walk in and say, “Okay, where did you fall?” And I’m a competitive person, and I just want to make sure I was first every single day. So it was those type of things that really propelled me to keep interested in this business but also see the benefits. It’s really hard to get clients and that’s what people underestimate the most is to build the level of trust with someone that they’ll allow you to manage their retirement nest egg is it takes time. And I was 22, I looked really young, I had no experience, but I was fortunate to have two great mentors at Morgan Stanley, a gentleman named Todd Wetzel. He was brilliant at developing relationships, really caring for people. And then the gentleman that I had done an internship with went to Morgan Stanley as well, and he allowed me to work on some small accounts and really cut my teeth with some customers. And I was very fortunate to have done that, but you’d asked about the crash, and I think what I learned from that when people were literally weeping when their account values were down by 50%, 60% was that money is really emotional, and you have to understand how much it means to people, it’s not just the number on your screen. So having some empathy towards someone who’s really in a period of distress is now a critical skill that those of us have been around for this long understand. And there’s a whole generation, Louis, of advisors that have never experienced a real bear market, and I do fear for them at some point because when you go through that, it really changes the perspective that you have. But for me, it happened, I was four or five years into the business at that point, so I’m thankful that it happened just for my own personal development and I’ll never forget it. Louis Diamond: Yeah. Things have a way of happening for a reason and then the best advisors, best humans, they learn from them, and they’re better off for it. You’re very much right. I like that perspective about how the empathy around the emotions of money was something that you still carry and wear as a badge of honor today. So you left Morgan Stanley in 2012. I think you were 30 years old I read. One, that’s very young to consider leaving a firm like that nonetheless to go independent when in 2012, it wasn’t like everyone was going independent. There weren’t as many infrastructure providers or tech vendors or as much capital available as there is today. It definitely wasn’t a path that was as well-worn as it was. So two-part question, what pushed you to leave the firm presumably without a huge book of business? And second part, how’d you think about risk and reward at that age? Ryan Belanger: Yeah, what drove me was ultimately I felt like I was not seeing the value from the firm I was at, Morgan Stanley at the time. They were just taking an exorbitant amount of the revenue I felt. And I would see product managers strolling through and going to steak dinners, and I’m thinking, geez, I’m here every night on weekends. I’m busting my butt, and I should be creating more value to myself. And so that was one kind of thing. And I think there was a right level of naivete just to think that I could pull this off. I did believe that I had a small number of clients. I was hopeful that they would come because I had to hit a minimum for the custodian platform to start the RIA, which I was able to do. But I felt that they would come with me and that I had developed enough trust with them that I could be their advisor for a long time. And so for me, it felt like the technology wasn’t great. I was just told the mother-in-law is an expression. She says to my kids sometimes, “You get what you get and you don’t get upset.” Have you heard that expression? Louis Diamond: I have. My daughter reads a book where that line is repeated frequently. Ryan Belanger: Yeah, okay. So that’s how I felt then. I was like, “This is what you have and deal with it.” And to me, it just felt like there had to be a better way, but I didn’t have any capital backing, so I bootstrapped it. I Craigslisted an office from an estate planning attorney. I cold called Fidelity at the time they were our only custodian. I called to get some compliance help and I just thought that there’d be other people that would want to join. I named the firm, it’s a Latin phrase, it’s Claro Advisors, and it means to make clear in the mind. And I felt like not only was I trying to do that for clients, but I was trying to push advisors to challenge the norms here. There are other solutions out there. So I purposefully did put my name on it, I knew that there’d be other people that might feel the same way. I’ve always been a team sport guy. I like being around other people and collaborating. And I did have a good friend and credit to him. He said, “If you put this together, I’ll come with you.” And so just a couple weeks after I did, we talked and I said, “It’s up and running.” He came and Dana was our first, he’s still with us. And then a couple of months later, another guy I used to work with called and said, “Hey, I’m at this bank, and it looks like what you’ve done is interesting.” And I said, “We like it if you’d like to give it a try.” And so he came, his name’s Mike. He’s still with us. And so teams started to get put together. But I met someone in 2014, so I was two years in at that point and I was doing legitimately everything, not only as an advisor, but just all the stuff that you have to do to run the business. And it was becoming too much, especially the compliance. And I think nowadays starting an RIA, the threshold is so much higher. That’s why you see better than anyone else. You just see a lot more tuck-ins. But Jen Street was someone that I met and she really allowed me to catapult the business and scale it, so she took over all the operations and compliance and that really freed me up to be an advisor. And I really was just an advisor moonlighting as someone running. I would recruit a little bit or just be introductions, very soft. All that has changed based on what we’ve done in the last couple of years. Louis Diamond: Amazing. So thinking about risk spectrum, obviously now if you look back and say, “Hey, I had 30 million or whatever it was, I didn’t have anything to lose.” Right? But when you’re in it and you had income, you had recurring revenue, you had a paycheck versus the dynamic of, “I’m going to incur a bunch of expenses. I’m not positive who’s going to come with me. I’m not going to have a paycheck for a period of time.” Did the fact that your business was relatively small and you were just getting up and running, do you think it made it easier for you to reconcile that risk, or in some ways it was harder because your dispersion, if someone didn’t come, was that much higher? Ryan Belanger: I think it was easier for me, I knew I could always go to another firm. They would take me and whatever clients I had. I did it at a time when I had little personal risk, no kids, no mortgage. I didn’t have a wife at that point. So for me, it felt like the right time to take a risk. And I had been entrepreneurial in my life. I mean, I had a business in high school and my parents and grandparents were entrepreneurial. So that was in me, even if I didn’t really recognize it, was that I was okay with a good level of risk. And I do say this now to anyone that I’m hoping to partner with is that if you want to bet on yourself, I’ll go all in on you too. But you’ve got to be able to take that jump. I won’t let you fail, but you’ve got to be the one. I think that inertia is what a lot of advisors are like, “Geez, I don’t know, I got to give something up.” And that’s why the data’s important and you have all the data. The clients overwhelmingly go with the advisor. These days it’s just much harder to try to establish a new relationship with a trusted advisor than it is to just DocuSign some forms and move your account somewhere. So to me, it’s just trying to support people, and really push them to the edge and say, “No, this is possible. You should definitely explore this.” And I get it’s totally different, and you might be at a different life stage, but you know the numbers. I mean, tens of thousands of advisors are moving every year and not all of them have a small book like I did when I did it. Louis Diamond: Right, exactly. On one hand, making this entrepreneurial move as early in your career as you did, it was a benefit, right? Because you didn’t have as much to lose, like you said, the stage of life you’re in allowed you to absorb more risk. On the other end of the spectrum, if someone who has a massive business with immense value, they’re well situated financially, maybe their kids are through college, et cetera. And then most people are somewhere in the middle. So it’s interesting hearing that dynamic in real time. Let’s talk about Claro today. So you launched the business, like you said, you had to work hard to meet a minimum custodial threshold. So started from a very small base in 2012, but where is it today as far as assets, team size? Just give us some stats or perspective on what you’ve built in the last decade and a half or so. Ryan Belanger: Yeah, sure. So we enjoyed a tremendous amount of organic growth, Louis. We are not capital-backed. We don’t buy books of businesses, so I would recruit or partner with advisors that were coming from all the various places that you could think of that were finding us to be a very friendly place to work where you had a high level of autonomy, freedom, control, just great economics. We stayed out of people’s ways. We were just good people trying to help other good people, and it was just that friendly environment that allowed us to grow. And of course, we can’t discount market. I think markets had a tremendous growth for everybody in the business. And so the business as it stands right now, we’re about 1.5 billion in assets, 15 to 20 advisors. We got a 40-person team based primarily at a Boston headquarter, but we have advisors all over. And I think as we’ll get to, we’ve just gone through a really exciting new chapter for us where the next 15 years are going to look a lot different than the previous 15 years. Louis Diamond: Very cool. That’s amazing, and I’m in the recruiting businesses and doing recruiting yourself, it’s not easy to tell your story, get in front of the right people, the right like-minded people too, who are willing to take the leap to you, especially if you don’t have the capital backing and you can’t pay big deals or write big checks like others could, so that’s a massive testament to you and your vision. I know the average age of an advisor at Claro is around 40, yet the average advisor in the industry is 59, 60, 61, depending upon what data source you look at. What do you think you figured out about attracting, training, and really cultivating younger advisors that the rest of the industry either gets wrong or ignores? What’s been your hack in that regard? Ryan Belanger: I’ll just take a chance on people that others might not. And typically what that really means is someone with nothing, I’ll make them a deal and I’ll say, “Look, I believe in you. I think you’d be a great advisor. Let’s work on an arrangement where you feel like you can do this and I’ll support you.” And so our specialty was growing advisors from 20 million or 30 million into hundreds of million of client assets. And some of it was just being willing to look where others wouldn’t possibly want to spend their time. But when I was 22, someone took a chance on me, and so I owe it to the next generation to do that as well because there’s some great talent out there that really just isn’t getting the attention they deserve because they don’t have big books of business yet. But one of my core values is long-term thinking, and so that’s the way I frame my decisions is it doesn’t have to be a win today, but it can be a championship tomorrow or down three or five years from now. And so that’s how I’ve positioned it. I think that’s why we tend to get younger advisors. And then what happens when you get a lot of younger advisors, you have some older advisors say, “Hey, look, that’s an attractive bench of talent. I needed a succession plan. You guys seem to have a bunch of guys and gals that know how to do really great work and serve clients.” But I think that’s probably one of the things that I just was willing to take some chances on people at an earlier stage. Louis Diamond: Yep. I love it. I mean, once again, you said in the beginning, you developed an empathy for the emotional side of money and what people were going through that you carry through to this day. So not losing touch with the fact that you started. I mean, everyone starts in this business at some time, but I feel like once you’re successful or you’re through the first few years, you forget what it was like to be a newbie. So keeping that perspective and appreciation for the mentors you had, et cetera, is great. And honestly, from a business building standpoint, to me in this environment, unless you take on private equity capital, or you have capital from a BD or from a wirehouse behind you for recruiting, it’s really hard to win advisors with large books of business. So going in the blue part of the ocean instead of the red ocean, if anyone’s read that book, is very smart, looking under rocks that others don’t or really buying into or leaning into folks that you see something in that you know you can cultivate is a brilliant way. And it’s honestly more scalable, cheaper, you build a better business as well doing it the way that you do, but still, it’s hard. And my guess is the ROI is shorter. I’m sure you’ve made some hires that don’t pan out. So you have to have the tolerance and the demeanor to really invest in people. So long-winded way to say I love what you’re doing. How much of your recruitment of advisors and the retention of that talent as they become successful would you tie to how you compensate them, or equity if that’s available versus the culture of the firm and the mentorship that you and your team provide? Ryan Belanger: Yeah, I mean I’ll speak to what we’re offering now just because that’s more relevant, and so we are positioning ourselves now as the best home for advisors in the country and we really believe that’s the case, but our problem is we’re just a secret. We’ve just come to the market after our deal and all the technology that I know we’ll talk about. So we’re now marketing this message to advisors that want to partner with us. Economics will help them grow. We have a really interesting growth program. We’ll give them equity and Claro. I firmly believe that we should tie each other, just get in the same boat, so to speak. So our success is their success, but allowing them to operate in a 1099 model, which I know is not a popular strategy. I know everyone wants to buy books and own the assets and own the clients, but I feel there’s a tremendous amount of advisors that do not that probably should not be monetizing their businesses so quickly. And so I’m trying to foster a home for those like-minded advisors that want the autonomy to own their clients, maybe even still have a brand, but partner with a firm that’s got really credible technology, just unbelievable back office support and a firm of the future so that they can grow at 10X to what they could have on their own and then they could monetize. That’s what we’ve tried to put together here with our partnership model. Louis Diamond: Love it. Yeah, I mean it is definitely going against the grain a little bit, leaning into growing a 1099 model versus more of an acquisition model where everyone coming over as W-2s. So do you think about those trade-offs when it comes time to raising capital down the line or if you want to sell the business or even just an advisor wants to leave, that would stink if that happened. How do you think about those trade-offs? The ability to let advisors keep control and ownership. And honestly, in my view, probably win many people that you wouldn’t otherwise versus the stickiness, and the enterprise building abilities of owning the books of business. Ryan Belanger: Yeah, it’s a paradox because I understand why you want to own the client, but that’s a different business model. And frankly, I think it attracts different type of people. I had to really look myself in the mirror a couple years ago. We had enjoyed a tremendous amount of success, high growth and all organic, growing at 30% more per year on a CAGR basis. Nothing could stop us. But what happened was when private equity entered the space, everyone wanted to buy Claro. And to me, it didn’t feel like I did a lot of due diligence. I talked to a lot of firms. I didn’t see any differentiation in the market, Louis. To me from a technology perspective, everyone was doing the same thing. They’re using six to 12 different tools. We all know who they are. And now there’s a bunch of AI tools they’re layering on. And to me, it just didn’t feel like that was going to be any… There was no differentiation in the market. But admittedly, I had a couple of friends who I’d brought in at very low levels of AUMB that wanted to leave. And they said, “Look, I want to go to a firm that has more resources.” And so I had to just make a business decision and say, “Where do I want to take this?” And so it was only after some real adversity because you get emotionally attached to these people that you’ve developed friendships with and they still are friends, no doubt, but they can leave and they’re not captive. So we have to plan for that at Claro now, and I think we’ve got two ways that we’ve done that where it really ties the advisors to us, but in a way where they want to be here because we have something that’s really different. Louis Diamond: I like it. I’m sure we’ll get into that. But before we do, we’ll get into what you’re doing on the technology side, which is very cool and unique. How do you balance being an advisor and being a CEO? And what percentage of your time is advisor versus CEO and has that fluctuated or changed over time? Ryan Belanger: Drastically changed in the last year, two years or so. So the first 10, 12 years, I was really an advisor first and foremost. That’s inverse at this point, I’m strictly running the business. I have a great team here that deals with our clients, and I’ll still attend the client meetings and such, but I’m really laser-focused on running the business, trying to develop new partnerships with advisors, running an engineering team, sales and marketing. So the change for me has definitely occurred, and I’ll miss not keeping up with planning as much. I’m a CFP, but I just recognized that for me, I had to make a clear change and commit all my time to running the business, and so that’s the decision that I’ve made. Louis Diamond: It is a hard balance. I mean, there’s some people that try to do both, run a business, be an advisor, be a rainmaker, and something breaks. You’re not able to give all yourself to one thing. Then there’s others that would much prefer to be an advisor over a business owner. Others who say, “I’m over being an advisor. I want to be a business owner.” So I think the cool thing about doing what you’ve done is you get to choose, right? Some of it might be circumstances, but you really got to decide which elements of the business you personally want to invest your time in. And you really push your chips in the middle of the table. So let’s get into what you did in November of 2025. I read that you acquired a tech company of all things called NDVR. I’ve done this podcast for a while, speak to a ton of people. I can’t really think of anyone, any advisor or RIA that’s actually bought a tech company. So what made you puck the trend, buy a tech company and not just license all the FinTech that’s available today? Ryan Belanger: Yeah, that was the decision I had to make was do I really want to be different, or do I want to just say that I’m different? And so I was fortunate enough to get introduced to a gentleman named Michael Simon about 18 months ago, two years ago. And him and I immediately could see that we were both trying to solve the same problem, and we had perfectly mirrored image skills of one another so I had this deep wealth experience and he had a deep tech experience. And sometimes it’s just about timing in life, about catching someone at the right time. And I think we each caught each other at a really good time where we could see that coming together, we could create something really magical. And this AI wave was cresting. And I could see when I was talking to all the national PE firms or RIA firms about what people wanted to do, no one had quite figured out how AI was going to come into the technology mix, and it appears as though it’s just going to be another add-on tool to everything else. And for me, I wanted to try to build something that was integrated an all- in-one platform for an advisor so they didn’t have to use a ton of different tools. And I thought if you could do that, couldn’t you have AI that’s really much more rich and purposeful to help the clients? And so I felt like here’s an opportunity to elevate financial advice throughout the country, really give the clients all the value. And so what we’ve built allows advisors who are really good advisors to become super advisors because they’ve got this technology cape that no one else has that is allowing them to save a bunch of time and do all these really cool things for their clients. But it just felt like right time, right place. I’d been through a little bit of adversity and I felt like taking another swing just like I did 15 years ago going for it. I’ve really never been averse to risk, and so this felt like it was too good to pass up and so we went for it. Louis Diamond: Interesting. So that makes sense on the build or acquire versus rent dynamic, wanting to own the IP that makes you actually different. What does NDVR actually do? Ryan Belanger: Yeah, so everything’s all integrated. So we’ve kept the Claro Advisors name. We feel like clients really want to know that they’re still getting a person to deliver the advice. And so having the advisor’s name in our brand is important, but we have a Claro Intelligent Hub, and that’s where it’s an AI native operating system for the advisors. They spend their entire day in there, Louis. So they’re not toggling between 10 different Chrome tasks to perform all their business. And so what that allows them to do is not only it’s CRM, calendar, contacts, emails, messages, but we also have all the portfolio information. So trading history and we can do tax loss harvesting and factor-based investing. So we’ve got institutional grade portfolio management, and that’s really what Endeavor had created through their R&D was the hyper-personalized portfolios where you have a customer’s financial plan directly tied to their account. So there’s never any de-linking between the two. It’s really sophisticated technology that we can provide to our clients. So that’s all integrated as well. And so we’ve since continued to build the build upon that layer of integrated proprietary technology. Louis Diamond: It’s very interesting. And we have to imagine part of you maybe now or in the future is, okay, we’ve built this amazing technology mousetrap for our advisors, but do we become a FinTech? Is there any thought of eventually licensing what Endeavor is doing for your business and your clients to other RIAs? How do you think about that dynamic of just building something unique and different for Claro that advisors can latch onto versus making what you and your partners have developed into something that someone else can take and license themselves? Ryan Belanger: Yeah, it’s a fair question. We get it a good amount. While there might be a possibility that we license this to some other businesses, our main goal right now is to keep it captive to RIAs that want to partner with Claro. And so we feel like this gives them a true level of differentiation in the market, and so that’s the approach that we’re taking right now. Being a FinTech company, there’s a lot of different skills. The setup and tear down of getting someone to use the platform and I think all that time and resources we want on sales and marketing to try to attract new advisors and continue to develop just jaw-dropping technology for the existing advisors. Louis Diamond: Very cool. Let’s talk a little bit about your partnership model. So it does sound unique in that you have people that are 1099, but you don’t usually also hear partner. So how does it work? Ryan Belanger: Yeah, so we’re offering advisors to come and use Claro as a back office so you can have your own brand if you want or you can just be a Claro advisor. We have both here and you’ll be a 1099 advisor so you’ll still own the business that you’ve owned. So if you were at a wirehouse or something, you would actually now be creating some enterprise value for yourself. But if you’re an existing REA, you’d be coming to us because you’re tired of doing tech vendor due diligence all the time or you’re tired of the compliance, the AI regulations. That’s just coming. So that’s going to be a huge challenge for REAs, so we’re seeing a lot of interest from REAs saying, “Look, you’re not asking me to give up really anything except the stuff that I hate to do anyway, so this sounds great.” So they partner with us. In return, they get all access to our technology And we’ll provide all the back office support, office space, dedicated resources, planning, everything you could want to have to operate a business. We do have a growth program that’s really interesting. And then we’ve got this equity in Claro. As you’re a partner with Claro, you should get equity so we give stock options to our advisors who are here and every year thereafter. And naturally, that’s a way to stay connected with the advisor. So hopefully they never want to leave, and I do believe that once you experience our technology, you never want to go back to trying to do it the way you were doing it before. Louis Diamond: It’s like instead of building the most enclosed box that you keep people in with sticks and with locks and keys like a lot of firms do, it’s we’re going to keep advisors here, but not by force, but because they have the stock options, because you’re delivering value, because they have this amazing technology. To me, that’s the dynamic that so many firms across the industry get wrong is that they try to keep advisors where they are by restrictive covenants and by fear, and by retribution rather than if we just do good work for people, we add value, we make ourselves indispensable to the advisor. To me, it creates a healthier dynamic. I think firms would actually retain more even if it’s a gentler approach. And I love what you’re doing there. I think it’s the exact right way to think about we have advisors that are 1099, so yeah, they could leave us, but we’re doing things that make it that they don’t want to leave us. And that’s your charge as the owner to create the infrastructure and the structure where people could go out on their own, but there isn’t an advantage to do so. Ryan Belanger: Yeah, I think the culture is a big thing for us. And if you have people here that don’t want to be here, that’s a problem. And I think that’s what you see in a lot of the wirehouses. Frankly, they scare people and they don’t. It’s like, oh my God, if I leave. And for us, it’s like personally, life is too short. I want to work with people that want to work with me. I’ve got other things going on in my life and these things are just work things. And so I want to enjoy being in the office every day with people that want to be here. And if you think you’ve found a different place, you should go explore that. It’s really a soft approach. I know it’s not the most popular approach, but that’s just the style that I have. Louis Diamond: Yeah. I mean, it sounds like the trend in your career and in launching Claro was we’re going to do things that aren’t popular, but that work for us, like hiring younger advisors that may not have a book or have a small book, buying a tech company instead of licensing it, being 1099 when you’re recruiting instead of owning books of business. There’s a series of decisions you’ve made as the business owner that they’ve worked out, they’ve paid off, but they’re definitely against the grain. And I very much respect that. Ryan Belanger: I really have never been afraid to be a little different, and so I think typically you find other people that might be interested, but it’s a big pool out there. There’s 300,000 advisors so there’s something for everyone, which is awesome. Louis Diamond: Totally agree. Let’s get back to the AI platform that you’ve built, or that you’re building. Maybe give a real tangible example. If I’m a Claro advisor, how has my life changed now that I’m using this platform versus before? So the old model was I log in, like you said, to 10 different Chrome tabs. I’m meeting with clients, doing planning, et cetera. What is the day in the life? How does it look different from what an advisor’s actually doing today versus before this platform was rolled out? Ryan Belanger: Yeah. All right. I’ll just give you a couple examples. So a client will send you a request and say, “Louis, I need $25,000.” And so a typical advisor would either write a note down, go drop it off at the CSA’s desk, or maybe forward that email to the CSA and then that person would have to input it into their CRM, and they go perform the task. And then the advisor would want to know where things are in that process so that there’s a lot of back and forth. With our system, Claire, our intelligent chief of staff, AI chief of staff, you just forward that task to tasks@claroadvisors.com. It recognizes the email address that the client is emailing from, it knows the account number. It talks to our portfolio engineer. It knows which account to raise the cash from because it knows the tax jurisdiction, and otherwise, and it performs the task. And the last push of a button is that CSA just moving money from the custodian. So all along the way, the advisor can check on the task and see where it is in the process. It’s beautifully integrated in the intelligent hub, but you could see how that would save a tremendous amount of time and it’s a better customer experience. The mistakes get limited. So it really allows the advisor to get things done at a much higher level. So we’re raising productivity quite a bit. First of all, she’ll establish your meetings, Claire will. So she’ll schedule them for you. She’ll prep them for you. So we have a button, say prep the meeting because we have all the notes, emails. If you’re texting portfolio data, because she has all that information in about 30 to 45 seconds, she’s going to present to the advisor a really nice meeting summary that, “Hey, here’s the things that we should talk about.” She’s going to surface things that the advisor’s forgotten about because she doesn’t forget things. And so she’s prepped the meeting for you, so you’ve saved a couple hours there. She joins the meeting, she takes all of your notes, stores them in the system. She’ll give you a follow-up email. She knows your writing style, so she’ll know that you like to call this client this, and you send these emails typically at this time. And so she’ll deliver a nice follow-up email instantly for the advisor. They click that button, that’s done. So there’s just a lot of things that where she’s efficiency-wise where on 20, 30 hours a week that we’re saving advisors just on the productivity tools alone, so that’s where we’re seeing advisors seeing a ton of value in this. Louis Diamond: It’s very cool. Ryan Belanger: And then there’s a whole portfolio management capabilities, sweeping idle cash and tax loss harvesting and rebalancing that gets done while advisors are having a cup of coffee. They don’t have to think about these things. It just gets done for them. Louis Diamond: It’s so cool because it’s like I think I can conceptualize or think of building in Claude any one of those functionalities for the most part, but the way that the flow of things works and the journey of it is unique. I think every advisor would be interested in that type of promise of saving that much time. So how do you think now in the future, how do you think about the human advisor interaction, and what the human and the advisor will do versus what can be offloaded to AI? Ryan Belanger: Yeah, certainly a lot of the non-client-facing activity can be unloaded and that’s where advisors spend, according to recent studies, almost 60% of their time non-client-facing. So we’re trying to take all that off of their plates for them. We strongly believe clients still want the message to come from a person that has a level of experience and understands them. But at the same point, I think there’s a growing curiosity about, geez, what could it do for me? And so shouldn’t my advisor know how to use it? And so I think you’re seeing a lot of advisors put their head in the sand and say, “I don’t know. I’m just going to hope people don’t really want to use this and adopt it.” They’re a little bit shortsighted there. Our bet is that clients are going to want an advisor that knows how to use tech, has really sophisticated tech, but it isn’t just another tool layered on top that now my data is in that tool. The reason our system is so beautiful and integrated is because it captures everything in a structured and secure way. So all of the compliance is in there. We whitewash all the PII that’s sensitive information, so we’re not layering another tool on, because it’s integrated, we have an AI governance committee that really takes it seriously. How are we using this information? And so we’ve got an approach and we’ve put guardrails around what it can do and what it can’t do. Might there be a generation, Louis, that wants an AI advisor? I don’t know, that could happen. A twin, a digital twin where you say, “Look, I want to talk to Louis.” It’s 10 o’clock at night. He might be in a different time zone than me. He’s got little kids, but I do have this question. And so we’re iterating ideas on how we can surface that for an advisor to be advisable 24/7 without actually having to be available 24/7. Louis Diamond: Seven. It’s amazing to think about. I mean, obviously you’re deeply in this. You have a front row seat into the power of AI, how it’s transforming your business, doing due diligence on acquiring this technology five years from now, 10 years from now, what does the industry look like as a result of AI? What’s your big bet? Ryan Belanger: A lot of the big firms are going to try to figure out how to layer in tech. It’s going to be very difficult to do that. It’s built on extremely old legacy technology. They’ll be slow. They’ll figure out how to do some things. What we’re already seeing from advisors is the wow factor. Wow, I didn’t know this was even possible, and so I think just given our size and where we are, we have an advantage that we can build things from the ground up very quickly. I mean, what used to take an engineer a couple of months or years can be done in a couple of days or weeks, so things have really sped up in terms of the development. It’s much easier to build it than buy it. And so I think you’ll see a lot of firms trying to do what we’ve done, really build proprietary technology. And I think there’ll be a few winners that are able to do that, but being tech forward and aligned with someone who’s thinking about it, I think is what a lot of advisors are going to want to be. That’s the type of firm people would want to partner with, I think. Louis Diamond: What about the dynamic of, like you said, the digital twin thing is equal parts cool as it is terrifying, how do you see, we’ll say the threat of AI impacting the profession of being a financial advisor? Do you look at it as the entire pie is going to grow because everyone’s more efficient? Or do you look at it as it’s going to take out a lot of the advisor capacity we have because it’s no longer necessary? Where do you fall on that spectrum? Ryan Belanger: So robo-advisors came and went, you remember those. I mean, not that they went, but they never took off the way that it was projected. They’re still great businesses, but the human advisor won that battle. Clients do want an advisor, particularly at the higher end, and so I think at the lower end of the market, you’re going to see some AI solutions where people are perfectly comfortable just talking to someone in AI, and they’ll figure out if there’s a hallucinization or not. But I think there’s definitely going to be a market for it, and so I think it just depends on where the clients are and what level of complexity they have. On the higher end, I do feel like the advisors will continue to have a huge advantage there. But we’re building tools to give optionality to advisors. There might be some advisors who say, “Look, I’ll charge half the fee that I used to charge so you can get my digital twin. And that’s a win-win situation for everybody.” Louis Diamond: Yep, that’s fair. So do you look at your competitive ecosystem now? Not for recruiting advisors, let’s say for winning clients. Do you look at Farther and Savvy and different AI or FinTechs as your competition or do you still look at it as the wirehouses and other traditional RIAs? Ryan Belanger: I mean, Farther and Savvy have done a great job of going after this market. I think we’re not as well known yet as they are. We’ve certainly built out what we think is tremendous technology second to none. There’s a huge market of the IBD space that is just these guys and gals are stuck on these old platforms and things are okay, but they’re not super compelled to switch until maybe they see something like this, and so we have a massive pipeline of advisors and I’ve been recruiting for a long time. I’ve never had a pipeline like this. So I know it feels different to me. People really are interested in this. It’s enough for them to want to see tech demos and come visit us and really understand, okay, this is a firm that is challenging what’s possible and that’s someone that maybe I want to be aligned with, and so I think that there’s a lot of places where we can get the talent. And so for us, it’s just trying to find the right people that we want to partner with for the long term. Louis Diamond: Very cool, I got two more questions for you. It’s pretty remarkable that to get from where you started to now, the recruiting you’ve done, buying a FinTech, integrating it, that you still don’t have private equity investor outside capital. So you think it’s on the roadmap, whether it’s a certain size or you’re looking for personal liquidity where the business will just need it because it’s expensive to operate a FinTech platform and to scale up and to keep growing the firm. Do you think there’s a world in which you take on external capital to fuel your growth? Ryan Belanger: Most certainly. I mean, things have developed for us very quickly here, and outside capital and venture particular is a space that we’re actively in discussions with firms that believe in our vision, understand the value that we can create, and there’s just no doubt that you have to have some wind at your back to get to the market, and so while we’re not a household name right now, I’m confident in two years we will be, and our plan is to grow to hundreds and thousands of advisors across the country. Louis Diamond: Wow, big vision, but I love it. Last question for you. If you were 30 years old again, which I think everyone would kill for that opportunity, leaving Morgan Stanley today instead of in 2012, what do you think you would do differently knowing what you know now? Ryan Belanger: At that point, interest rates were near zero, Louis. Valuations you remember were two to three times revenue. It felt expensive then. Obviously things have changed quite a bit. So I would’ve begged, borrowed, and stole all the money I could from friends and family and said, “I need to buy as many businesses as I could at two times, three times revenue and pay, I don’t know, 3% loan.” Just in hindsight, that’s what everyone should have done. That’s not the path that we chose, but I think there’s a huge opportunity in front of us to elevate financial advice across the country, make really good advisors even better by putting that super cape on them. And so we’re very excited about the future, what we’ve got in store, and what we’re going to deliver to the market. And it seems like just yesterday that I walked out of Morgan Stanley with very little assets and tried to start this RIA, but I’m very thankful for all the people that have been supporting me throughout this journey. Louis Diamond: Amazing. And that’s a great spot to end, but let me ask the inverse of that question. Let’s say you leave in 2026, so leave today, you’re 30 years old, but you have the benefit of hindsight. You know what you know now. What would you do differently around the transition or building the firm other than of course be amazing if you can buy businesses for a fraction of what they cost today? Ryan Belanger: I would want to make sure that I’ve got an integrated solution. I don’t want to be picking a bunch of different vendor tools. I know that’s going to become way too time-consuming for me. So I would really try to figure out how you can get something that’s integrated that can scale, but I wouldn’t change anything about the people. I think you got to be able to connect with people that are like-minded and you still take the risk. What I can’t believe, Louis, is that people that sit at the wirehouses take a home team discount and they’re so fearful of leaving Morgan Stanley or Merrill Lynch or UBS, but why are they taking that? The market says you should be paid double what you paid. And it’s not just like that’s 20, 30 years of data here that show that. And so I just would keep pushing people to bet on yourself. Your clients will come with you. Yes, that firm that you love will be the first ones to try to steal your clients. They’re going to call them, and that’s one way, loyalty. Another thing I don’t understand, but that’s the way the business is structured. I think there’s a huge opportunity to just educate advisors about what’s out there and I would take the risk. Louis Diamond: Love it. Ryan, this has been very fun. What you’ve accomplished, like I said earlier, gone against the grain at every turn. Leaving on the younger side without a huge business, buying and integrating a technology company, recruiting younger advisors without books of business. Every single thing you’ve done has been a different playbook. So I’m pumped to watch how we make Claro a household name and how this approach is going to pay off in spade. So I appreciate hearing this different perspective, and I know our listeners did as well, so much appreciated today. Ryan Belanger: Well, thanks for having me on. I know it’s a long time coming. Thanks for your patience. I wanted to make sure we had something really exciting to talk about when we finally did this, and hopefully I can come back in a couple years and catch up. And congratulations on everything you guys have built. You guys are just a premier name out there, and it’s been fun to watch your success as well. Louis Diamond: Thank you, Ryan, I appreciate it. 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. Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future A conversation with Louis Diamond and Ryan Belanger, Founder & CEO of Claro Advisors.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future. It’s a conversation with Ryan Belanger, the Founder and CEO of Claro Advisors. 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: Artificial intelligence has quickly become one of the biggest topics in wealth management in the world. Almost every firm is experimenting with new tools, looking for ways to automate tasks, improve efficiency, or help advisors serve clients more effectively. But what if AI isn’t just another technology to plug into your business? What if it becomes the foundation for how your business is built? That’s exactly why I wanted to have Ryan Belanger on the show. Ryan is the Founder and CEO of Claro Advisors, a billion and a half dollar RIA that’s taken a very different path than most firms in the industry. Rather than simply adding AI to an existing tech stack, Claro acquired a FinTech company and is building its own AI native operating system designed specifically for advisors. What’s interesting is that this isn’t really a conversation about software, it’s about strategy. Ryan has consistently gone against the grain from leaving Morgan Stanley to launch an independent firm in 2012 before it became commonplace, to recruiting younger advisors when others chased established producers, to betting that proprietary technology will b

Market chop got you confused? IPOs have you running home? Trader Greg Morton explains why keeping records could be the surprising antidote investors need to manage unruly markets. Our guest this week for Investor's Business Daily's “Investing with IBD” podcast, he also shares the spreadsheet he uses to track his own portfolio and inform his investing decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send us Fan MailA colonoscopy that comes back normal can feel like relief, until your body keeps proving something is wrong. We sit down with Dr. Matthew J. Simpson, a family medicine physician in North Carolina, to unpack how he lived with Crohn's disease symptoms for years without a clear diagnosis, and why a perianal fistula finally forced the medical system to see the full picture. If you've ever been told your labs look fine while you're dealing with bleeding, urgency, fatigue, or weight loss, you'll hear your reality reflected back with empathy and precision. We talk about what it's like to chase answers while living outside a major medical hub: limited local gastroenterology options, slow referral pipelines, insurance approvals, and fragmented care between GI, colorectal surgery, and imaging. Matthew walks us through the flex sig, MRI findings, and the moment he realized he needed an IBD specialty clinic and an academic medical center approach. His story is a clear reminder that “not unreasonable” care can still be the wrong pace when your health is sliding. Then we get practical. Matthew explains perianal fistulas in plain language, what a fistulotomy does (and does not do), and why healing often requires treating the underlying Crohn's inflammation. We also dig into shared decision making for Crohn's medications, including how he weighed biologic options, risk communication, and the added complexity of carrying a BRCA2 gene mutation. Along the way, we challenge overreliance on single tests like fecal calprotectin and zoom out to the bigger point: algorithms are helpful, but they are not your lived experience. If this conversation helps you feel less alone, please subscribe, share it with someone navigating IBD, and leave a review so more people can find the show.Links: What is anorectal manometry?- Cleveland ClinicFistulotomy- Cleveland ClinicLet's get social!!Follow us on Instagram!Follow us on Facebook!Follow us on Twitter!

My guest is Dr. Matthew (Max) Krummel, PhD, professor at UCSF and one of the world's leading immunologists. We discuss how your immune system works and how sleep, emotions, and even memories shape immune function. We also explore thymus function, its role in autoimmunity, and its potential role in combating cancer. And we discuss how the type and timing of immunization can impact health. This episode provides an actionable framework for understanding how your immune system works, which ought to benefit people of all ages and health statuses. Read the episode show notes at hubermanlab.com. Thank you to our sponsors AG1: https://drinkag1.com/huberman Eight Sleep: https://eightsleep.com/huberman Function: https://functionhealth.com/huberman Joovv: https://joovv.com/huberman Timestamps (00:00:00) Max Krummel (00:02:18) Immune System, Immunotherapy (00:08:36) Illness, Childhood & Immune System (00:13:02) Aging & Immunity, DNA Mutations (00:18:36) Sponsors: Joovv & Eight Sleep (00:21:14) Self vs Non-Self Recognition, Aging, Cancer; Immune Surveillance (00:30:11) Cancer, Immune System, Age & Measuring Change (00:35:57) Thymus, T Cells; Aging & Cancer (00:42:13) Reproduction, Aging & Immune System; Basic Research (00:47:28) Sleep & Illness Susceptibility (00:52:55) Sponsor: AG1 (00:54:08) Umbilical Cord Banking; Organoids, CAR T Cells, Thymus (01:02:57) Scientific Curiosity, Failures, & Discovery (01:13:14) Spatial Biology & Immune Cells; Memory & Immune State; Stress, Meditation (01:25:00) Sponsor: Function (01:26:37) Mindset; Tissue Engineering, Peptides, Systems Biology (01:34:25) Immunizations in Childhood and Beyond (01:39:37) Pharmaceutical Companies, Public Distrust (01:49:22) Disease Risk, Immunity; Autism, Flu, (01:58:56) Biological Resilience, Cancer; Computational Research (02:08:02) Autoimmune Conditions, Asthma, IBD (02:13:34) Autoimmunity & Genetic Diversity Benefits (02:17:11) Science Communication, Max's Substack (02:24:07) Zero-Cost Support, YouTube, Spotify & Apple Follow, Reviews & Feedback, Sponsors, Protocols Book, Social Media, Neural Network Newsletter Learn more about your ad choices. Visit megaphone.fm/adchoices

If eating has become a source of fear because of digestive symptoms, you're not alone. For many people living with IBS, IBD, and other GI conditions, repeated eating-related symptom flares create powerful food–symptom associations that make avoiding certain foods feel like the safest choice. Over time, however, this understandable protective response can become restrictive, limiting nutrition, social connection, and overall quality of life.In this episode, we're joined by digestive health and eating disorder dietitian expert, Janelle Smith, RDN, and GI psychologist Dr. Madison Simons to explore the overlap between gastrointestinal disorders, food fear, and disordered eating.Together, we explore how fear around eating develops, how healthcare providers tell the difference between healthy caution and fear that's limiting daily life, and how people can gradually rebuild confidence with eating through compassionate, evidence-based care. We also explain why working with a team—including a gastroenterologist, GI dietitian, and GI psychologist—can make all the difference in helping people feel more comfortable with food, expand their diets, and get back to living life more fully.In this episode, we discuss:Why progressively restricting foods can worsen fatigue, anxiety, nutrition, and overall quality of lifeWhy avoiding foods because of GI symptoms can be an adaptive response, your brain is trying to help you, and this isn't inherently "pathological"How the amygdala, your body's alarm system, and visceral hypersensitivity create powerful food-symptom associationsSigns that food avoidance is no longer serving you and may be driven by fearHow clinicians use open-ended conversations and screening tools to identify disordered eating and ARFID riskWhen dietary therapies like the low FODMAP diet are appropriate and when they're notLeast-restrictive nutrition strategies, including gentle food swaps and stepwise reintroductionWhich evidence-based supplements may help manage symptoms without adding unnecessary diet restrictionHow exposure ladders, "micro-dosing" feared foods, and coping strategies can reduce anticipatory anxietyWhy reframing symptoms as sensations and separating discomfort from danger is a powerful part of recoveryHow a collaborative care team can help people regain confidence, nourish their bodies, and expand their lives—not just their diets.f you or someone you love has ever felt overwhelmed by food fear because of digestive symptoms, this conversation offers reassurance, practical strategies, and hope. While some dietary changes may be appropriate to manage GI conditions, recovery is about learning to distinguish necessary restrictions from fear-driven avoidance, rebuilding trust in your body, and finding the right support so food can become a source of nourishment and enjoyment again.This episode has been sponsored by Ardelyx.Reference:Simons M, Issokson K. From Food Fears to Food Freedom: How Do We Best Manage Restrictive Eating in Inflammatory Bowel Disease? Crohns Colitis 360. 2025Scarlata K, Zickgraf HF, Satherley RM, et al. A Call to Action: Unraveling the Nuance of Adapted Eating Behaviors in Individuals With Gastrointestinal Conditions. Clin Gastroenterol Hepatol. 2025;23(6):893-901.e2. doi:10.1016/j.cgh.2024.11.010Riehl ME, Scarlata K. Understanding Disordered Eating Risks in Patients with Gastrointestinal Conditions. J Acad Nutr Diet. 2022;122(3):491-499. doi:10.1016/j.jand.2021.03.001Learn more about Kate and Dr. Riehl:Website: www.katescarlata.com and www.drriehl.comInstagram: @katescarlata @drriehl and @theguthealthpodcastOrder Kate and Dr. Riehl's book, Mind Your Gut: The Science-Based, Whole-body Guide to Living Well with IBS.  The information included in this podcast is not a substitute for professional medical advice, examination, diagnosis or treatment.  Always seek the advice of your physician or other qualified health care provider before starting any new treatment or making changes to existing treatment.

Can you have nuts and seeds with IBD? Let's talk about one of the most common misconceptions we hear about with IBD!In this video, I cover:✅ The outdated input we've seen online that doesn't tell the whole story✅ What current research says about nuts, seeds, and IBD flares✅ Who might still need to be cautious (strictures, active flares, etc.)✅ Seeds that are full of omega 3's and antioxidants✅ Practical tips for reintroducing nuts and seeds into your diet✅ Simple ways to prep nuts and seeds for easier digestionIf you're living with Crohn's, Ulcerative colitis or Microscopic colitis and want food freedom without the guesswork, this one's for you.

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

Learn more: https://imahealth.org/weekly-webinars/What if Crohn's disease and ulcerative colitis are caused by more than genetics alone?Dr. Yusuf “JP” Saleeby, IMA Senior Fellow in Functional and Integrative Medicine, was joined by gut health specialist Josh Dech for a closer look at what may contribute to inflammatory bowel disease, also known as IBD. The two recently co-authored a new paper published in the Journal of Independent Medicine.They discussed:• Why the usual explanation of IBD may not tell the whole story• How food, environment, and gut bacteria may affect inflammation• Why having a certain gene does not always mean someone will develop IBD• Why IBD rates can rise when families move to a new country• Whether the immune system may be reacting to something in the gut• New research on ultra-processed foods and IBD riskThe conversation explored how genetics, diet, gut health, and the environment may work together to affect Crohn's disease and ulcerative colitis.The Independent Medical Alliance (formerly FLCCC) is a healthcare nonprofit on a mission to restore trust, integrity, and the doctor-patient relationship. Get involved by clicking below:• Donate: Support IMA: Donate for Advancements in Patient Care https://imahealth.org/donate/• Follow: Connect with Us - https://imahealth.org/contact/• Weekly Webinars: - https://imahealth.org/category/weekly-webinars/• Treatment Protocols: - https://imahealth.org/treatment-protocols/• Medical Disclaimer: https://imahealth.org/about/terms-and-conditions/

Going defensive? Exploring add-on positions? Looking for technical patterns that work? Steve Swetz joins the “Investing with IBD” podcast to discuss how he refines his precision for entering stocks and identifies specific strategies for volatile markets and managing your portfolio. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Four inflammatory bowel disease (IBD) experts explore case-based strategies for optimizing advanced IBD therapy and long-term disease management early in real-world practice. They discuss practical approaches for implementing treat-to-target via strategic treatment sequencing, therapeutic drug monitoring, and maintenance approaches while supporting individualized, evidence-based care for patients with IBD. Presenters Jessica R. Allegretti, MD, MPH, FACG, AGAF Medical Director, Infusion Services Director, Crohn's and Colitis Center Director of Clinical Research Director, Fecal Microbiota Transplant Program Division of Gastroenterology, Hepatology and Endoscopy Brigham and Women's Hospital Associate Professor of Medicine, Harvard Medical School Boston, Massachusetts Jordan E. Axelrad, MD, MPH, AGAF, FACG, FCCF Co-Director, Inflammatory Bowel Disease Center at NYU Langone Health Associate Professor of Medicine Division of Gastroenterology and Hepatology NYU Grossman School of Medicine New York, New York Russell D. Cohen, MD, FACG, AGAF Professor of Medicine, Pritzker School of Medicine Co-Director, Digestive Diseases Center Clinical Director, Inflammatory Bowel Disease Center Co-Director, Advanced IBD Fellowship Program The University of Chicago Medicine Chicago, Illinois Amy Stewart, MSN, FNP-C Lead Advanced Practice Provider Capital Digestive Care Washington, DC Link to full program: https://bit.ly/4wvm7l4 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In our second Summer School episode this season, hosts Dr. Jason Silverman and Dr. Temara Hajjat have taken highlights from past episodes on nutrition and put them into a special episode full of clinical pearls.Former expert guests Dr. Charlie Vanderpool, Dr. Mark Corkins, Dr. Praveen Goday, Dr. Maria Mascarenhas, Dr. Ruba Abdelhadi, Dr. Bruno Chumpitazi and Kirsten Jones, and Dr. Eytan Wine cover a range of topics from early life nutrition and development, to picky eating and specialized diets.Our Bowel Sounds Summer School series will include four episodes each summer on big topics in our field, artisanally crafted for the ears of learners of all stages from the young student to the seasoned attending.Learning Objectives:Understand the importance of functional components of human milk and other early life influences on growth and development.Review an approach to the evaluation and management of the picky eater.Review the indications and evidence for specialized diets in the context of gastrointestinal disorders.Featured Episodes:Charlie Vanderpool - Functional Components in Infant NutritionMark Corkins - Early Life Nutrition and Impact on Childhood DevelopmentPraveen Goday - The Picky EaterRuba Abdelhadi - Enteral Nutrition and Feeding Tubes 101Eytan Wine - Nutrition, IBD, and the Crohn's Disease Exclusion DietBruno Chumpitazi & Kirsten Jones - Using the Low-FODMAP Diet for Children with IBSMaria Mascarenhas - Culinary MedicineAdditional links:Lisa Richardson - Ins and Outs of Infant FormulasKatie Larson-Nath - Faltering WeightNutrition Pearls PodcastSend us Fan MailSupport the showThis episode may be eligible for CME credit!  Once you have listened to the episode, click this link to claim your credit.  Credit is available to NASPGHAN members (if you are not a member, you should probably sign up).  And thank you to the NASPGHAN Professional Education Committee for their review!As always, the discussion, views, and recommendations in this podcast are the sole responsibility of the hosts and guests and are subject to change over time with advances in the field.Check out our merch website!Follow us on Bluesky, Twitter, Facebook and Instagram for all the latest news and upcoming episodes.Click here to support the show.

All of the talk has been dying down a little, but of course we still jump at a chance to talk about it all... How are you feeling about it all?The best things we can do to protect against cyclospora... is using heat.Send us Fan MailNeed Support from an IBD Dietitian?

Is it possible to manage Crohn's disease and ulcerative colitis without relying solely on surgery or medication? In this episode, Dane Johnson, founder and CEO of CrohnsColitisLifestyle, shares his holistic approach to inflammatory bowel disease (IBD), empowering patients to take control of their gut health through lifestyle, nutrition, and natural therapies. Having survived a life-threatening battle with IBD at age 27, Dane built CrohnsColitisLifestyle to help others navigate these chronic conditions with evidence-informed, holistic strategies. His mission is to improve quality of life, reduce symptoms, and restore balance in the gut through personalized, actionable practices. In this conversation, we explore: ·       How severe cases of Crohn's and ulcerative colitis manifest and affect daily life. ·       The underlying causes and contributing factors of IBD. ·       How microbiome imbalances influence overall health and inflammation. ·       Environmental, dietary, and lifestyle influences on gut wellness. Learn more and schedule a free discovery session with Dane Johnson here. Episode also available on Apple Podcasts: https://apple.co/38oMlMr  Keep up with Dane Jhonson socials here: Facebook: https://www.facebook.com/danejohnsonCCL  Youtube: https://www.youtube.com/@crohnscolitislifestyle  TikTok: https://www.tiktok.com/@crohnscolitis_lifestyle  Instagram: https://www.instagram.com/danejohnson1/ 

Are stocks reaching a new inflection point? John Kosar, chief market strategist and portfolio manager at Asbury Research, joins the “Investing with IBD” podcast to discuss why he sees a reduction in risk-taking among investors and where a potential correction takes us next. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send us Fan MailThe fastest way to improve IBD outcomes is not always a new drug. Sometimes it's a better system and a team that can actually reach you before you end up in crisis. We're joined by Dr. Corey Siegel, a renowned gastroenterologist and IBD specialist at Dartmouth Hitchcock Medical Center, to unpack what “high-quality inflammatory bowel disease care” looks like when you measure it, stress-test it, and rebuild it around real patient needs.We talk through IBD Qorus, the Crohn's and Colitis Foundation quality improvement program that defines key standards for Crohn's disease and ulcerative colitis care and then tracks whether clinics meet them. That leads to a practical, patient-first goal: keeping people out of the emergency department by creating urgent clinic access, proactively supporting high-risk patients, and using better visit workflows that start with the patient's top concern. These aren't flashy changes, but they reduce prednisone use, unnecessary CT scans, opioid exposure, and the emotional toll of feeling unheard.Then we zoom out to rural healthcare and specialty access. Dr. Siegel explains RADIUS, a telemedicine “hub-and-spoke” model where community practices connect patients early to a full multidisciplinary IBD team, including behavioral health, nutrition, pharmacy support, and nursing coordination. We also get real about treat-to-target, why symptoms can mislead, and how insurance barriers like prior authorization and step therapy can delay the right biologic or advanced therapy for months.If you want smarter, more human IBD care and concrete ideas you can advocate for, hit play now. After you listen, subscribe, share with a friend, and leave a review so more patients can find these conversations.Links: Dr. Siegel's podcast- Digesting: The Latest in IBD- apple podcastsSpotify optionInformation on IBD Qorus- Crohn's & Colitis Foundation Information about the BRIDGe GroupLet's get social!!Follow us on Instagram!Follow us on Facebook!Follow us on Twitter!

Could stimulating a nerve reduce inflammation in rheumatoid arthritis?In this video, rheumatologist Dr. Isabelle Amigues explains the science behind the newly FDA-approved vagus nerve stimulation device for rheumatoid arthritis and why this breakthrough could change the future of autoimmune treatment.Learn how the vagus nerve communicates with the immune system, why researchers have been studying the inflammatory reflex for decades, and how targeted nerve stimulation may reduce inflammation without directly suppressing the immune system.In this video:✔️ What vagus nerve stimulation is✔️ How the inflammatory reflex works✔️ Why the FDA approved this new rheumatoid arthritis treatment✔️ Who may benefit from this therapy✔️ How vagus nerve stimulation compares to biologics and DMARDs✔️ Meditation, humming, cold exposure, and other natural ways to stimulate the vagus nerve✔️ The future of bioelectronic medicine for autoimmune diseasesIf you have rheumatoid arthritis, inflammatory bowel disease (IBD), or are interested in the latest advances in autoimmune care, this video breaks down the science in a practical, patient-friendly way.Subscribe for weekly videos on rheumatoid arthritis, lupus, autoimmune disease, inflammation, longevity, and evidence-based rheumatology.

The parasites most Americans think of as a tropical problem are already here; showing up as fatigue, asthma, and gut issues that standard tests keep calling "normal." An estimated 1 in 20 people may carry one and never know it.In this episode, Dr. Gabrielle Lyon sits down with Dr. Peter Hotez, a tropical-medicine physician and vaccine scientist, to discuss:Why toxocariasis, a worm shed by household dogs and cats, may affect 5–6% of the U.S. population, with larvae migrating through the lungs and brainWhy standard PCR panels come back negative and which specific tests (antibody, fecal, eosinophil count) to ask forHow to lower your risk at home, from deworming pets on a vet schedule to knowing which symptoms warrant a targeted testWhy the popular "worm therapy for autoimmune disease" idea has the relationship backwards, worms are a leading driver of IBD and asthma, not a cureWhether you've been told your labs are fine but still feel off, this conversation gives you a clear, evidence-based framework for what to test for and how to protect your family from infections hiding in plain sight.Thank you to our sponsors:BodyHealth - Use the code LYON20 to get 20% off your first order https://bit.ly/4f7ZqM5Our Place - Upgrade your kitchen with Our Place today. Visit https://bit.ly/4vT4cEr and use code DRYLON for 10% off sitewide. That's F-R-O-M-O-U-R-P-L-A-C-E DOT COM / D-R-L-Y-O-N and use code DRLYON for 10% off sitewide. With a 100-day trial, you can try it completely risk-free.Lucy Get 20% off your next order with code DRLYON at https://lucy.co/, or find yours in store at https://bit.ly/4ybQCxHExplore More from Dr. Gabrielle LyonPremium Podcast Subscription: Ad-free episodes, key takeaway summaries, exclusive Q&A, and behind-the-scenes content https://foreverstrong.supercast.comWeekly newsletter: Recipes, podcast updates, and practical weekly insights https://drgabriellelyon.com/sign-up/Apply to become a patient: Personalized care with Dr. Lyon's clinical team https://drgabriellelyon.com/new-patient-inquiry/Find Dr. Peter Hotez at:Website: https://peterhotez.org/Instagram: https://www.instagram.com/peterhotez/Book - “Science Under Siege: How to Fight the Five Most Powerful Forces that Threaten Our World” - https://a.co/d/07P0iANSConnect with Dr. Gabrielle Lyon:Instagram: https://www.instagram.com/drgabriellelyon/TikTok: https://www.tiktok.com/@drgabriellelyonX (Twitter): https://x.com/drgabriellelyonFacebook: https://www.facebook.com/doctorgabriellelyonChapters00:00 - Introduction: trust in science and nutrition04:11 - Anti-parasitic drugs sold as snake oil06:43 - How misinformation gets weaponized18:23 - The turbo cancer claim debunked24:41 - Finding experts you can trust30:52 - Hepatitis B vaccine and how babies get infected31:56 - The 75 vaccine myth: eight diseases to seventeen35:42 - Why the COVID vaccine wasn't rushed40:18 - Toxocariasis: the worm in stray dogs and cats43:50 - Why parasite tests come back negative45:57 - Hookworm in rural Alabama48:05 - Eosinophils and how to test50:21 - Worm therapy for autoimmune is backwards54:19 - Deworming pets and family transmission57:19 - Liver fluke and bile duct cancer1:01:11 - Climate change and parasites in the US1:03:16 - Lyme, ticks, and genomic surveillance1:08:00 - Flu and COVID as cardiovascular threatsIf you found this episode valuable, share it with someone who would benefit from it.Disclaimers: This episode includes paid sponsorships.The Dr. Gabrielle Lyon Podcast and YouTube are for general information purposes only and do not constitute the practice of medicine, nursing, or other professional health care services, including the giving of medical advice, and no doctor/patient relationship is formed. The use of information on this podcast, YouTube, or materials linked from this podcast or YouTube is at the user's own risk. The content of this podcast is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Users should not disregard or delay in obtaining medical advice for any medical condition they may have and should seek the assistance of their health care professional for any such conditions.

 Many people living with Crohn's disease or ulcerative colitis assume that if symptoms improve, their disease is under control. But with inflammatory bowel disease, inflammation can sometimes continue silently, even when you feel okay. In this episode of Gastro Girl, Jacqueline Gaulin speaks with IBD expert Dr. Jessica Allegretti about what IBD may be affecting inside the body and why symptom relief is not always the same as healing. They discuss the difference between feeling better and achieving remission, why ongoing monitoring matters, how flares can develop, and how proactive care may help protect long-term health. This conversation is designed to help patients better understand what may be happening inside their bodies and feel more informed when talking with their healthcare team. This education initiative is sponsored by Merck.  

Mark “Murch” Erhardt, Gustavo Flores Echaiz, and Mike Schmidt are joined by Sjors Provoost to discuss Newsletter #413.News● Using fountain codes for IBD (13:53) Releases and release candidates● Bitcoin Core 31.1 (22:52) ● LND v0.20.2-beta (28:49) Notable code and documentation changes● Bitcoin Core #32489 (31:11) ● Bitcoin Core #32606 (33:59) ● Bitcoin Core #34020 (0:48) ● Core Lightning #9104 (42:55) ● Eclair #3323 (45:11) ● LND #10832 (46:24)

You might not think of GLP1's would be apart of the conversation when it comes to IBD, but we continue to see more and more people trialing them for secondary conditions with IBD. In practice we have seen people often not inform their providers about GLP1 use - thinking that they do not impact gut symptoms... yet they very much do!When it comes to peptides and other random supplements - when we are in a flare we are often more vulnerable to just wanting to try anything... but it's important to exercise caution and make sure what you are taking has good evidence and is safe. Make sure to talk to your GI and dietitian about what's right for you. Also, if you find your GI doesn't have time or doesn't want to discuss your nutrition with you... we get the frustration. Yet, it's also often just not a top priority or within the scope of practice for your GI session (especially in only 15-20 minutes). Quite honestly... there is so much to unpack when it comes to that topic... tacking it on as a question at the end isn't going to get you anywhere. Plus... this is why dietitians (like us) exist! Send us Fan MailNeed Support from an IBD Dietitian?

No one likes doing stool tests... but you might learn to appreciate them after this video.

In this episode,  Adam Torres interviews Dane Johnson, CEO of Crohn's Colitis Lifestyle. Dane shares his personal recovery journey, discusses holistic approaches to managing IBD, and explains how his organization empowers individuals with Crohn's disease and ulcerative colitis through education, coaching, and community support. Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: https://missionmatters.lpages.co/podcastguest/ Visit our website: https://missionmatters.com/ More FREE content from Mission Matters here: https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices

Discover how Dane Johnson transitioned from a Hollywood actor to a leading health coach specializing in autoimmune disease reversal. His story exemplifies resilience, purpose, and innovative health solutions. In this episode: Dane shares his unexpected career pivot after being diagnosed with ulcerative colitis The emotional and physical toll of nearly dying from Crohn's disease and how it became a catalyst for change The concept of building a "Shield" for holistic health and autoimmune recovery Insights into Dane's groundbreaking program delivering over 750 success stories of IBD reversal Practical strategies: customized supplements, lab work, and biohacking techniques Vision for a health-focused restaurant chain aligned with natural, anti-inflammatory foods Advice on creating a purpose-driven career and building trust with clients 00:01 - Introduction to Dane Johnson and his diverse background in acting and health 00:39 - Dane's beginning in acting and early successes 01:09 - Diagnosis with ulcerative colitis amid a Hollywood career 01:42 - The emotional impact of health struggles and lost roles 02:29 - Inner conflict: pursuing vanity versus meaningful purpose 03:39 - Turning point: severe health crisis and hospitalization 04:27 - Near-death experience and realization of life's deeper purpose 05:26 - How health crises shaped Dane's new career path 06:22 - The journey of healing and coming off medications 06:51 - The importance of experiential learning as patient zero 07:18 - Building a support community and the "Shield" framework 09:25 - The success and scope of the Shield program for IBD reversal 10:07 - The multifaceted approach: supplements, lab work, and biohacking 11:25 - The philosophy behind the Shield: empowering health and stress resilience 12:01 - Applying the Shield model in daily life for thriving not just surviving 13:16 - Key advice: creating purpose and authenticity in your career 14:34 - Pricing, trust, and building a compelling personal brand 15:23 - Future vision: health-focused restaurant chain and creating art through business 17:06 - Values-driven entrepreneurship and innovations in food for autoimmune health 18:14 - Special offers: free IBD strategy session and healing journal 19:29 - Closing thoughts and gratitude Resources & Links: Dane Johnson's Crohn's Colitis Lifestyle Shield Program Details Connect with Dane Johnson: LinkedIn Twitter Instagram Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send us Fan MailAn MRI, a phone call, and four words nobody wants to hear: “You have a perforated bowel.” Zach Koscuik was on the road to a comedy gig when Crohn's disease forced yet another hard pivot, adding to a 25-year history that includes perianal Crohn's, fistulas, abscesses, emergency surgeries, biologics, and three ileocolonic resections. We talk with him about what it's like to grow up sick, manage the stigma that makes people minimize inflammatory bowel disease, and keep showing up to school, work, and life when your body is always negotiating the nearest bathroom.Then the story takes a turn into the world of clinical trials and high-stakes medicine. Zach explains how severe disease and short bowel complications pushed his team toward an autologous stem cell transplant, a process that essentially wipes out and restarts the immune system. We get specific about the testing, chemo, isolation, and the surreal experience of being treated on a cancer floor without having cancer, plus the very real impact of insurance decisions that kept him hospitalized for 43 days.The payoff lands with the kind of news IBD patients barely let themselves hope for: a one-year follow-up colonoscopy that comes back completely clean. We also keep it honest about what remains, including motility issues, joint pain, and the mental aftershocks of medical trauma. Zach closes with a simple challenge for the Crohn's and colitis community: practice equal empathy, because two people can share a diagnosis and live totally different realities. If this conversation hits home, subscribe, share the episode with a friend, and leave a review so more people living with IBD can find it.Links: Find Zach on InstagramInformation on the stem cell trial that Zach didStem Cell Therapy clinical trial site- Clinicaltrials.govLet's get social!!Follow us on Instagram!Follow us on Facebook!Follow us on Twitter!

For decades, people diagnosed with Crohn's disease and ulcerative colitis have been told the same three things: the disease is genetic, autoimmune, and ultimately idiopathic—meaning nobody truly knows what causes it. But does today's scientific literature actually support those conclusions? Josh explains how the very terminology of those 3 words "genetic", "autoimmune", "random" is actually based on misinterpreted or ignored science, and that the narrative of it being impossible to fix, stops people from bothering to look. In this episode, he breaks down the history, the studies and the science to prove that bowel disease is not what they say it is.   TOPICS DISCUSSED: Challenging the genetic theory of IBD Questioning the autoimmune classification Environmental and lifestyle risk factors Historical evolution of IBD research Genetics vs. gene expression (environmental influence) Remission versus cure debate   If you have Crohn's, Colitis or Diverticulitis, be sure to check out my second podcast: Reversing Crohn's and Colitis Naturally.   Leave us a Review: https://www.reversablepod.com/review   Need help with your gut? Visit my website gutsolution.ca to join a program: Get help now   Contact us: reversablepod.com/tips    FIND ME ON SOCIAL MEDIA: Instagram  Facebook  YouTube

Have you been tested for IBD? The symptoms can be very similar to IBS-D so it's good to confirm it's been ruled out for you with your doctors. This week I'm joined by Clemmie Oliver, an experienced IBD specialist nutritionist and we talked about : What is IBD - different typesDiagnosis process (especially differences to IBS) Different diets for IBD during a flare or remissionImportant nutrients to include & what might be low in people with IBD Microscopic colitis - the third type of IBD that often gets missedAbout ClemmieClemmie Oliver is an IBD specialist Nutritionist and the founder of the Nutrition and Lifestyle Medicine (NALM) Clinic, established in 2018. NALM is dedicated to supporting people living with Inflammatory Bowel Diseases, including Crohn's Disease and Ulcerative Colitis, to reduce symptoms and improve their quality of life. She speaks regularly at IBD medical and patient conferences, works closely with IBD organisations, and has carried out postgraduate research in the field of IBD.Clemmie is deeply passionate about supporting people with IBD not only because of her clinical expertise, but because she lives with IBD herself. This gives her a unique and compassionate understanding of the challenges faced by those navigating lifelong digestive conditions.1:1 SupportWhat to Eat in a Flare CoursesBuy my book - Inside Knowledge for people with IBS & SIBO (find it on Amazon)Get free weekly IBS & SIBO emails - https://mailchi.mp/goodnessme-nutrition.com/h6acndd1bsWork with me3 month Gut Reset - https://www.goodnessme-nutrition.com/consultations/Ready for your gut reset?

Featuring: Benjamin McDonald, MD, PhD, University of Chicago MedicinePerianal Crohn's disease is one of the most complex and challenging forms of inflammatory bowel disease. In this episode, Benjamin McDonald, MD, gastroenterologist and IBD specialist at UChicago Medicine, discusses how perianal Crohn's disease affects patients, the challenges of diagnosis and treatment, and the latest advances in care.Dr. McDonald also shares how intestinal ultrasound—a noninvasive, real-time imaging technology supported in part by the GI Research Foundation—is helping clinicians better monitor Crohn's disease and make more informed treatment decisions. From innovative imaging tools to emerging therapies, this conversation highlights how research is improving outcomes and offering new hope for patients living with Crohn's disease.To access other episodes of Visceral: Listen to Your Gut and learn more about the GI Research Foundation's support of clinical and laboratory research to treat, prevent, and cure digestive diseases, please visit www.giresearchfoundation.org. Available on Apple Podcasts, Spotify, and everywhere else you listen.

GLP-1 Side Effects, Gut Microbiome & Brain Health, Toxoplasmosis Risks, and the Dirty Dozen Explained Plasma Acetate Emerges As Key Gut-Brain Messenger In Older Adults A study published in Nature Communications examined how gut bacteria relate to plasma acetic acid, a short-chain fatty acid produced when gut microbes ferment fiber, and found that higher acetate levels tracked with lower triglycerides, higher HDL cholesterol, lower body fat, larger thalamic brain volume, and stronger performance on judgment-related cognitive tasks. Mediation analysis showed acetate acts as a direct link between specific gut bacteria, including Oscillibacter and Coprococcus, and these health outcomes. Host Dave Asprey breaks down why this elevates fiber fermentation, not fermented beverages, as the real lever for gut-brain health, and separates the evidence-backed mechanism from the kombucha-as-shortcut assumption. Source: https://www.nature.com/articles/s43856-026-01566-x ~~ GLP-1 Drugs Linked To Sharp Rise In Smell And Taste Disturbances A JAMA Otolaryngology cohort study tracking over 438,000 GLP-1 users against matched controls found a 48% higher risk of new smell or taste disturbances over two years, with smell disturbances up 81% and taste disturbances up 52%. Diagnoses included anosmia, parosmia, and parageusia, with researchers pointing to GLP-1 receptor activity in the olfactory bulb and other chemosensory pathways as a possible mechanism. Host Dave Asprey unpacks why this signal got buried under muscle loss and gut motility headlines, and what it means for anyone currently on or considering GLP-1 therapy. Sources: https://jamanetwork.com/journals/jamaotolaryngology/article-abstract/2850571 https://jamanetwork.com/journals/jamaotolaryngology/fullarticle/10.1001/jamaoto.2026.1498 https://trial.medpath.com/news/glp-1-receptor-agonists-linked-to-increased-risk-of-smell-and-taste-disturbances-study-finds ~~ Scientists Push For Toxoplasmosis To Be Recognized As A Neglected Tropical Disease A viewpoint paper in PLOS Neglected Tropical Diseases argues that toxoplasmosis, a parasitic infection carried by roughly one in three people globally, deserves WHO neglected tropical disease status given its outsized impact on vision and maternal-child health. Ocular toxoplasmosis is the most common intra-ocular infection worldwide, and an estimated 190,000 babies are born with congenital toxoplasmosis each year, concentrated in low-resource regions. Despite the scale, there is still no vaccine and no standard global treatment protocol. Host Dave Asprey explains why common, quiet health threats get chronically underfunded compared to dramatic outbreaks, and what pregnant listeners specifically should know about exposure risk. Source: https://www.sciencealert.com/parasite-affecting-1-in-3-people-is-a-serious-risk-to-human-health-scientists-warn ~~ Yale-Oxford Data Shows Exercise May Boost Mental Health More Than A Raise An analysis of CDC survey data from over 1.2 million U.S. adults found that people who exercise regularly report 1.5 to 2 fewer poor mental health days per month than non-exercisers, a benefit comparable to earning about $25,000 more per year. The data also revealed an inverted-U relationship, with optimal benefits at three to five sessions a week and diminishing or reversed returns at extreme volumes. Host Dave Asprey breaks down why moderate, consistent movement outperforms income as a mental health lever, and why overtraining carries its own psychological cost. Sources: https://www.weforum.org/stories/2019/04/exercise-officially-makes-you-happier-than-money-according-to-yale-and-oxford-research/ https://medicine.yale.edu/news-article/exercise-linked-to-improved-mental-health-but-more-may-not-always-be-better/ ~~ Unilever Reportedly Exploring $4 Billion Bid For Supplement Brand Thorne Unilever is said to be evaluating a bid for Thorne, the clinical-grade supplement brand currently owned by private equity firm L Catterton, in a deal that could value the company at up to $4 billion, with Haleon also reportedly circling. The move reflects a broader trend of major consumer-health conglomerates acquiring practitioner-trusted, lab-forward wellness brands. Host Dave Asprey weighs in on what happens to product quality and innovation when founder-led, science-first supplement companies get absorbed into shareholder-first parent corporations. Source: https://www.reuters.com/business/unilever-explores-bid-supplements-maker-thorne-ft-reports-2026-06-26/ ~~ New Research Maps How Your Microbiome Processes Plant Compounds, And What It Means For Your Produce Aisle Choices Researchers mapped 775 phytonutrients from over 1,100 edible plants against nearly 2,000 gut bacterial enzymes across thousands of human microbiomes, linking that enzyme activity to outcomes in IBD, colorectal cancer, and fatty liver disease. Individuals varied widely in how many of these compounds their gut could actually process, and in mouse studies, strawberries reduced colitis activity only in mice with an intact microbiome. Host Dave Asprey explains why the plant itself isn't the active ingredient, your bacteria are, and connects the findings to this year's Environmental Working Group Dirty Dozen and Clean Fifteen lists to help listeners decide where organic actually matters. Sources: https://pmc.ncbi.nlm.nih.gov/articles/PMC12768975/ https://www.eurekalert.org/news-releases/1108351 https://www.nature.com/articles/s41564-025-02197-z ~~ This episode is designed for biohackers, longevity enthusiasts, and high-performance listeners who want mechanism-level insights into the gut-brain axis, an underreported GLP-1 side effect, a global parasite hiding in plain sight, the real ROI of exercise on mental health, consolidation in the supplement industry, and how your microbiome determines what your produce actually does for you. Host Dave Asprey connects clinical research, large cohort studies, mechanistic biology, and industry news into practical frameworks for improving gut health, brain performance, and long-term resilience. New episodes every Tuesday, Thursday, Friday, and Sunday. Keywords: plasma acetate gut brain axis, short chain fatty acids, gut microbiome cognition, GLP-1 smell taste disturbances, anosmia parosmia GLP-1, semaglutide side effects, toxoplasmosis neglected tropical disease, Toxoplasma gondii health risks, congenital toxoplasmosis, exercise mental health study, exercise versus income happiness, overtraining mental health, Unilever Thorne acquisition, supplement industry consolidation, phytonutrient gut bacteria enzymes, polyphenol metabolism microbiome, Dirty Dozen Clean Fifteen 2026, pesticide residue produce, biohacking news 2026, Dave Asprey, The Human Upgrade Thank you to our sponsors! - PredictiveMind™ | Get your Brain Pattern Mapping report at predictivemind.io/dave and use code DAVE for 10% off. - Viome | Check it out at viome.com and use code 10DAVE for 10% off. It's time to stop guessing and start knowing your body. - iRestore | Reverse hair loss at www.irestore.com/DAVE and get exclusive savings on the iRestore Elite, use code DAVE Resources: • Get My 2026 Clean Nicotine Roadmap | Enroll for free at https://daveasprey.com/2026-clean-nicotine-roadmap/ • Get My 2026 Biohacking Trends Report: https://daveasprey.com/2026-biohacking-trends-report/ • Dave Asprey's Latest News | Go to https://daveasprey.com/ to join Inside Track today. • Danger Coffee: https://dangercoffee.com/discount/dave15 • My Daily Supplements: SuppGrade Labs (15% Off) • Favorite Blue Light Blocking Glasses: TrueDark (15% Off) • Dave Asprey's BEYOND Conference: https://beyondconference.com • Dave Asprey's New Book – Heavily Meditated: https://daveasprey.com/heavily-meditated • Join My Substack (Live Access To Podcast Recordings): https://substack.daveasprey.com/ • Upgrade Labs: https://upgradelabs.com Timestamps: 00:00 – Story #1: Acetate & Gut-Brain Health 01:57 – Story #2: GLP-1s & Smell/Taste Loss 03:22 – Story #3: Toxoplasmosis Risks 04:33 – Story #4: Exercise vs Income 05:53 – Story #5: Phytonutrients & Gut Enzymes 07:45 – Dirty Dozen & Clean Fifteen 08:46 – Story #6: Thorne Acquisition 09:49 – Takeaway See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From “Greenspeak” to “The Warsh Way?” You heard it here first. IBD's Ed Carson, news editor and resident Fed-watcher, joins the Investing with IBD podcast to talk about the transitory phase, the greatest soft landing you've never heard of and why the Fed's telegraphing might not even matter anyway. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Focusing only on what to cut out of your diet - might actually be making things worse. But hey... we have ALL been there too. 

Nurse Doza breaks down five signs your gut microbiome may be off — a history of antibiotics, brain fog, autoimmune issues, relentless sugar cravings, and not pooping every day. He explains how gut bacteria help shape neurotransmitters, blood sugar, and natural GLP-1, why so many issues trace back to the gut, and the simple steps — fasting, fermented foods, fish oil, and the Good Poops Protocol — that can help rebuild it from the inside out. FEATURED PARTNER — Good Poops Protocol (MSW Nutrition) This episode centers on rebuilding the gut microbiome, and the Good Poops Protocol is the bundle Nurse Doza built for exactly that — Gut, Liver Boost, and Berberine Plus working together over 60 days to support the intestinal lining, healthy bile flow, and blood-sugar metabolism. Berberine and L-glutamine are both studied for supporting the body's own GLP-1 production, making the protocol a practical starting point for the digestive issues discussed in this episode.

An update on my thoughts on treatment of IBD in 2026. 

Are you doing everything "right"—training consistently, eating healthy, staying active—but still feeling weaker, slower, or struggling to recover? You are not alone. In this episode of The Coach Debbie Potts Show, I sit down with endurance coach, author, and aging athlete expert Joe Friel to discuss what really changes after 50 and what athletes need to do differently to maintain strength, muscle, metabolism, and performance as they age. Because healthy aging is not simply about exercising more. It is about creating the right signals for adaptation. In this episode, we discuss: • Why muscle loss accelerates after 50 • Why many endurance athletes accidentally train themselves into breakdown • How strength training should change as we age • The importance of recovery, sleep, and capacity building • Why maintaining muscle is critical for metabolism and longevity • How protein, fueling, and training need to evolve after 50 • Why "normal aging" may not be the goal One of my favorite takeaways from this conversation: You are not normal. And maybe you should not want to be. Going to bed early. Protecting recovery. Prioritizing sleep. Saying no to late-night activities so you can wake up feeling strong and energized. These habits may not be normal—but they may help create an extraordinary future version of yourself. If your goal is to become stronger, healthier, and more resilient as you age, this episode is for you. Learn more about coaching, metabolic testing, and The FutureYou Blueprint at: www.debbiepotts.net Please subscribe, leave a review, and share this episode with another athlete who wants to become their Future You. Educational only. Partner with a qualified practitioner—especially if you're on medications, have gallbladder disease, significant anemia, active IBD, are pregnant, or have complex conditions.

There's a line between being patient with a stock, and being stubborn. But not knowing the difference will cost you. Jim Lebenthal, chief market strategist at Cerity Partners, joins the “Investing with IBD” podcast to explain how to determine when to stay the course with a stock and when to jump. He also explores why there often aren't simple answers to investing questions around inflation, artificial intelligence and more. Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us Fan MailA ninth inning ballpark burger. Days of relentless diarrhea. Then blood. John Capodilupo's ulcerative colitis diagnosis didn't arrive slowly, it hit like a truck, and it sent him into a crash course on what living with IBD really demands. We talk through the early fear and uncertainty, the 28-day hospitalization, and the chaos of juggling treatment while also battling infections like C. difficile and CMV colitis. John also shares his experience with fecal microbiota transplant (FMT) for recurrent C. diff and why the microbiome still feels like one of the biggest unsolved stories in gut health.From there, we connect the dots between health data and better decisions. John helped build Whoop, the wearable built around continuous physiological tracking like heart rate variability and sleep, and he explains what longitudinal data can reveal about stress, recovery, and early warning signs. We dig into how sleep disruption and subtle body signals can show up before you're sure whether you're flaring or just paying the price for Taco Bell.Then we get into Throne, the smart toilet monitoring system John now co-leads as Chief Product Officer. Throne clips onto the toilet and uses computer vision and sensors to track stool and urine trends passively, aiming to reduce guesswork, improve symptom recall, and open the door to research like flare prediction, medication durability, and future screening signals such as blood detection for colon cancer. We also cover the “real life” questions: multi-user households, cleaning, cost, and a privacy approach built around de-identified data and opt-in research.If you're curious about ulcerative colitis, Crohn's, IBD tracking, gut health technology, or the future of smart toilets, listen now then subscribe, share with a friend, and leave a review.Links: Throne's websiteFun article about the founding of ThroneBuy Throne for $50 off!  or use code ListenToYourGutLet's get social!!Follow us on Instagram!Follow us on Facebook!Follow us on Twitter!

Michael Smith—Managing Partner and Founder, Emerald Advisors Michael Smith shares how a client-first philosophy, niche specialization, and independence helped Emerald Advisors grow from $385mm to more than $1B in assets. In Summary What happens when an advisor builds a business around client service rather than operational efficiency? Jason Diamond speaks with Michael Smith, Founder and Managing Partner of Emerald Advisors, about the path from a successful Merrill practice to an independent RIA that has grown from approximately $385mm to more than $1B in assets. Along the way, Michael shares the story of being told he was “overservicing” clients, why that moment became a catalyst for independence, and how a highly specialized service model fueled the firm's growth. Drawing on lessons from a 24-year Navy career, Michael offers a perspective on leadership, specialization, client care, and what it takes to build a durable business in today's wealth management landscape. The Storyline Growth is often viewed as the result of marketing, referrals, acquisitions, or scale. Michael Smith sees it differently. After building a successful practice at Merrill, Michael found himself at odds with the constraints of the traditional wirehouse model. What ultimately stood out wasn't compensation, technology, or platform capabilities. It was a philosophical difference around client service. When he was told he was spending too much time helping clients navigate tax planning, equity compensation, and other financial decisions outside the traditional scope of investment management, he began to question whether the model aligned with the way he wanted to serve families. That realization eventually led him to launch Emerald Advisors in late 2019. The firm started with roughly 85 clients and approximately $385mm in assets. Today, Emerald serves more than 225 families and oversees more than $1B in assets. Throughout the conversation, Michael reflects on the lessons learned from building an independent firm, developing a niche around concentrated stock positions and executive compensation, navigating custodial and technology decisions, and creating a culture rooted in accountability and service. Underlying it all is a simple belief: when firms become highly intentional about who they serve and how they serve them, growth often becomes the outcome rather than the objective. Topics Covered Merrill breakaways and independence Client service as a growth driver Building an RIA RIA growth and scalability Organic growth strategies Concentrated stock positions and equity compensation planning Ideal client personas and niche specialization Schwab and Fidelity custody relationships Advisor succession and enterprise value Navy leadership principles in wealth management The rise of mega RIAs Advisor technology and infrastructure > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did being accused of “overservicing” clients become a turning point? (08:15)Michael explains how a conversation with management revealed a deeper misalignment between his client-service philosophy and the wirehouse model. What does client service look like beyond portfolio management? (11:30)The discussion explores how tax planning, equity compensation guidance, and proactive coordination can deepen client relationships. Why can specialization accelerate growth? (15:45)Michael shares why serving a defined niche often creates stronger referrals, greater expertise, and clearer positioning. How has the RIA landscape evolved since 2019? (20:30)Michael reflects on the rise of mega RIAs, changing technology capabilities, and why he believes independent firms still have significant advantages. What role do custodians really play in an independent business? (23:15)Michael discusses his experience working with Schwab and Fidelity and why he views custodians as strategic partners rather than competitors. Is the wirehouse model still the right fit for some advisors? (26:45)The conversation challenges the assumption that independence is the best path for everyone and explores the realities of running a business. Does reaching $1 billion in assets actually change anything? (32:45)Michael offers a practical perspective on growth, success, and why asset milestones can be misleading. What can advisors learn from the “steamboat” philosophy? (37:15)Drawing on his Navy experience, Michael shares a leadership framework that continues to shape how he approaches business building and decision-making. Key Takeaways Exceptional client service can become a meaningful competitive advantage when it extends beyond investment management. Independence gave Michael the flexibility to build a service model that aligned with his philosophy rather than adapting his philosophy to fit the platform. Developing a niche around executive compensation and concentrated stock positions helped accelerate Emerald's growth. The ability to make technology, custodial, and operational decisions quickly remains a significant advantage for independent firms. Not every advisor should be independent. Running a business requires a different set of skills and responsibilities than serving clients alone. Growth milestones are useful, but they do not define success. Michael believes success existed long before Emerald reached $1 billion in assets. High-performing teams with a clear client focus often find that growth becomes a natural byproduct of execution. https://youtu.be/RjzsMcC2DnY Quotable Moments “I literally had to go back and Google the word overservicing.” “Servicing the client is the most important thing that we can do today.” “If you serve a niche and you're very good at that niche, that word gets around.” “Growth becomes the outcome.” FAQs Can an advisor really “over-service” clients? The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Does specialization still matter in a relationship business? Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. What actually changes when an advisor becomes independent? Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. Is full independence the right path for every advisor? No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. How should advisors think about the $1 billion milestone? Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. What role does an ideal client persona play in growth? Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. How can advisors balance growth with client service? One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. Related Resources The Transitioning Advisor's Lament: Things I Wish I Knew Before Freedom vs. Familiarity: Is it Worth Disrupting Comfort for Something That Might Be Better? IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider Advisor Transition Report 2026 Guest Bio Michael Smith, CPWA® is the Founder and Managing Partner of Emerald Advisors, an independent wealth management firm overseeing more than $1 billion in assets for affluent families, executives, and business owners with complex planning needs. Mike entered the wealth management industry in 2005 after a distinguished 24-year career in the United States Navy, where he served both as an enlisted sailor in the Submarine Force and later as a Limited Duty Officer aboard USS Abraham Lincoln and on major staffs around the world. He earned a Bachelor of Science in Management and an MBA with dual emphases in Finance & Accounting and International Business. Throughout his career, Mike has been known for his commitment to comprehensive planning, helping clients navigate complex issues involving concentrated stock positions, executive compensation, tax strategy, estate planning, philanthropy, and multi-generational wealth transfer. His client-first approach and passion for education have helped Emerald Advisors grow from a startup firm in 2019 to a nationally recognized RIA serving more than 225 families. Outside of the office, Mike is an avid ultrarunner, golfer, lifelong learner, and dedicated advocate for children’s health initiatives. He is a current member of the Legacy Council at Seattle Children’s Hospital and has served in leadership and board roles supporting the Juvenile Diabetes Research Foundation, the Barbara Davis Center for Diabetes, the ALS Association, and the Alyssa Burnett Adult Life Center. He is also the proud father of Kat Smith. 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… From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. 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: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think a team needs to have a specialization to be competitive these days or do you think it’s okay just to be like, “My job is to be the best advisor and I want to service assets wherever those assets may come from?” Michael Smith: Another great observation. I’m going to address the niche first and foremost. I think, and I talked to R.J. Shook’s staff just recently, and having a niche gives you a specialization and it also accelerates your growth factor. If you serve a niche and you’re very good at that niche, then that word gets around. If you’re a jack of all trades, you can do lots of things but I don’t think you’re focused and you’re not hitting the right numbers that I like to see. And I think that would be my theme is the niche allows you to focus on a very specific type of ideal client, that’s a Schwab thing where you have an ideal client persona and our firm has an ideal client persona. As far as having the equity comp, I absolutely was one of the teams at Merrill Lynch that was equity compensation designated, I managed a couple of plans. My exposure to that, Jason, I haven’t thought about this in a very long time, came from UBS where I had team members that were colleagues that were associated with the Nextel Sprint plan. And I always thought that you’re taking care of the top executives but, really, my background being in the military was how do we take care of the troops, the troops, I call them sailors, and how do we educate those sailors. And one of the things I’ve always said in my entire career in the military and I still say to this day is 50% of every bonus or a promotion or something like that should go to long-term savings. So, I use that same mentality with RSUs, with stock options, with bonuses. Set that aside, let that grow because you’re not used to spending it and you will learn to spend what you make. Jason Diamond: I think that’s a great reason, it’s super smart and I love your explanation, it was a very simplistic way. Honestly, even I hadn’t thought about that around your niche, I think, becomes almost like a force multiplier for your own growth because it’s much easier to become the guy in X, Y, Z vertical than to be the guy in every financial advisor of America, across America. Let me ask you a follow-up question, you mentioned the ideal client persona. I spend a lot of time at our firm thinking about this as well, what does your ideal client persona look like. How do you think about an opportunity though that differs from that persona? So, it’s great. Obviously, everybody, it’s easy, you get somebody who’s your perfect prospect, they walk in the front door, sign me up. But when you get something that’s not down the fairway for you, is it just I evaluate it on a one-off basis or are you super disciplined to that approach because it’s who your firm is? Michael Smith: I truly haven’t given that a whole lot of thought but I will tell you how I would handle that because I am handling it with some one-offs. I like the opportunity because you’re stretching your brain in that you’re thinking about how somebody else is reacting so you’d never know. So, I like it from a learning perspective but I also know it comes with a lot of other baggage, I’ll call it baggage, because, all of a sudden, they want to short the market, they want to go long-short strategies. So, all of a sudden, they’re not in our niche and, all of a sudden, they’re taking a lot of time, they’re draining our time so I think you got to be very careful about what you wish for. And there’s a lot of great advisors out there that will walk circles around these topics that I’m like, “Okay, I would rather refer somebody so they get the right experience than give them the wrong experience.” Jason Diamond: I absolutely love that answer. The bow you just put on it, I think, is the appropriate way in my mind to put a bow. At the end of the day, wouldn’t you rather service somebody more optimally even if you don’t believe it’s yourself, I agree with that. I want to ask you one more point on the client service piece. I was playing around on your website and, on your service model, you have health as a component of the client experience of your diagram. Why do you think health matters in a financial context? Michael Smith: I always believed in a healthy mind and a healthy body will bring so much joy to you and I think health is just part of your persona. If you don’t take care of yourself and your body and your mind, then it doesn’t matter what I do, I think you got to start with health. So, I’m very big on the executive physicals, I routinely require all of our staff to have an annual physical. And, again, they’re young people but you got to have these annual … I live and breathe going to see a doctor every year to do my annual physical, not because I think I’m pretty good health, I still run, I do a lot of things but I think your life starts with being healthy. Jason Diamond: Yeah, it’s refreshing to hear that, no doubt. It’s funny to think about but 2019 is a long time ago now and, in RIA world, I almost think of it like dog years. You’ve been around the block now for a little while so I’m curious how have you seen this space change since you launched in 2019? Michael Smith: In 2019, I didn’t know what I was doing, I could barely get out a wet paper bag but I do think it’s changed dramatically. I would say the biggest thing I’ve seen in just the six and a half, almost seven years is the rise of the mega RIAs and how they’re going to shape the industry. Everyone talked about fee compression at Merrill Lynch. When I was at Merrill, we talked about fee compression, then they talked about robo-advisors and now they’re talking about artificial intelligence replacing advisors, I don’t believe that and I don’t think that’s going to happen in the RIA space. What I see the RIA space maturing is into these very big mega firms as well as these independent RIAs like myself that serve a very niche market where we can walk in our lane. The ability to transact today is so much easier as an RIA than it was at a wirehouse as well because we have instant access to technology. My military background, my Navy background says make a decision right, wrong or different, if you don’t like it afterwards or you get new data, course change. So, in our industry, we can change on a notice. I hired a tech firm last year, I didn’t like the experience nine months into it, guess what, they’re not coming back. So, I can do that but you can’t do that at the bigger firms and even the bigger mega firms would have a hard time navigating a change just like that on a dime. Jason Diamond: You bring up an interesting point. To the extent you face competition, do you find yourself competing more against traditional wirehouse type firms or RIAs like yourself, mega caps RIAs? Are your clients attuned to any of this? Michael Smith: That’s an observation I haven’t thought of either there, Jason. I would say I don’t feel that I have a … I know there’s competition out there but we have a growth issue more than we have anything else so I don’t … I can’t take on the clients that want to become my clients so I’m not competing with people too much. Jason Diamond: A capacity issue, you mean? Michael Smith: Yeah, I have a capacity issue. Jason Diamond: I think you’re not alone in that. How can I even think about competition and the like when … A lot of advisors would probably say that. I want to talk more about the capacity situation but, before I do, let’s talk a little more about the RIA setup. Who do you custody with, remind us, and why or how did you arrive at that decision? Michael Smith: Yeah. So, when I launched, I went with Schwab, Schwab is a phenomenal partner, they helped me get a lot of stuff done, I couldn’t have done it without Schwab. During the pandemic, I realized that I should probably … So, remember, during the pandemic, we had a lot of issues with the banking industry, it was almost like a financial crisis but in a very compressed time. So, during the COVID, I decided to add Fidelity as another custodian so now I have two custodians and I opened accounts on both sides of the house but I like the custodians that are there to help you, they’re very good at what they do. I don’t even consider them a competitor and they aren’t competitors, they have their own branch so I don’t consider them competitors, I think they’re my partners and both Charles Schwab and Fidelity are good partners. Jason Diamond: Yeah, I think that’s the healthy way to look at the custody relationship. That’s a very common approach, I think, is launching with one custodian and then adding a secondary custodian or a tertiary custodian down the line for one reason or another so I appreciate you sharing that because we get those types of nuts and bolts questions a lot so I figured I’d ask you. One last question on the setup and then we’ll shift gears. Has anything been a negative? So, you talked about leaving Mother Merrill behind and, Mother Merrill, we use it facetiously but obviously it implies a degree of comfort and the homeland so I’m curious if you miss anything. Michael Smith: I miss the camaraderie of being with a bunch of other folks. I mentioned this when I first launched, I mentioned it year over year with my team, the one thing that we miss as an RIA and, again, Dynasty has their benefits as well and the mega RIAs have their benefits but, if you’re a true independent like myself, we get to go to conferences that we want to and that’s a timing issue, really, a time constraint. But one thing Merrill and Morgan, JPMorgan, and the other big wirehouses have as well as the megas, they have the ability to put conferences together for their advisors or their administrators and have this education. That’s the one thing that, I think, would evolve in the RIA industry in the future as well. They’re not my competitors, they’re my business colleagues. And if we think of them as competitors, and a lot of people do because I don’t want to share my client information or what I do with my competitor because they may steal them, if you’re that insecure, then you’re probably not the right advisor in the first place. Jason Diamond: I don’t disagree with that. It’s interesting too, I hear two common answers to that question, not about Merrill but just about somebody who’s broken away, what do you miss about the captive firm world. Either on this podcast or just in conversations with advisors, brand comes up a lot and then the point you just raised. I’ll even hear like, “Hey, forget the conferences and the trainings, just being able to have an office where I’ve got eight other advisors on a row for me, it’s a little bit of a different setup than in the independent space,” and I think that’s just a reality of you take the good with the bad. And for other advisors, by the way, one of the things I want to ask you about to this point is do you believe that there are advisors that are just better served in the W2 traditional firm world or do you think that every advisor should be looking at the RIA space? Michael Smith: I think that wirehouse serves a great purpose and- Jason Diamond: Okay, me too. Michael Smith: … there’s a lot of great people that are great advisors in that wirehouse, they need the structure. What I hadn’t alluded to is, and I mentioned this to a former manager from Merrill Lynch of mine just recently, actually, I was like, “I don’t think advisors realize what it takes to run a business.” I’m not trying to sugarcoat it, running an RIA is hard work, it takes a lot of your time day in and day out to run a business as well as taking care of and servicing your clients so I do think the wirehouse venue is the right way to go. And, Jason, I want to go back to one other thing about your identity. I launched as the Smith Group because that’s what I was known at Merrill Lynch. Within three or four months, I changed that name to a firm because I did not want to be associated with it. So, when you’re at one of the wirehouses, you’re known as your team name or something of that sort, I didn’t want to be known as that, I wanted to be known as Emerald Advisors not the Smith Group because, all of a sudden, you have a single point of failure. So, brand identity, it’s not so unique inside the wirehouse because it’s a team name versus Merrill or Morgan Stanley or something like that. Jason Diamond: It’s a good segue because I’ll tell you where my mind goes when you bring that up. My mind goes is you’re smart in a way that you might not even realize or maybe you do realize which is that, if and when it ever comes time to sell this business, it is probably more valuable without your name attached to it or maybe not. But in some way, shape or form, as an RIA, you have an obligation to be thinking about that or it’s probably on your radar, maybe not an obligation. Have you given an ounce of thought to M&A either acquiring businesses, growing in that way or, ultimately, when you succeed out of this business and what the RIA space enables you to do? Michael Smith: To answer that question, yes. Everyone’s thinking about merger and acquisition, I think about succession planning from day one. I actually thought about I’m a big team person, I come from the submarine force where everyone is a key player on a submarine, every single person has a job and responsibility on a nuclear submarine. So, inside the financial services industry, I know Merrill Lynch was very big on teaming, I understand Morgan Stanley is as well because teaming gives them a breadth of responsibility where the responsibilities are shared. So, mergers and acquisitions or selling my business, I think, if you’re not thinking about that … And I’m not thinking about selling my business because that’s a distraction to me. If I needed the money, then I would’ve went to a wirehouse and that’s okay, you monetize your life’s work. Today, I’m all about what’s right for the client, what’s right for my team and what’s right for where I want to be in the next 10 to 20 years. So, I am growing, I do want to grow, I’m looking at opening offices in probably three locations in the next 24 months or so. Jason Diamond: Well, that’s what I was going to say, plenty of advisors I think would say the same, I have a lot of runway. But what about the other side of this equation which is you’ve had tremendous organic growth, you’ve tripled your client base, you’ve more than tripled the asset base, have you thought about acquisition as a mean to jet fuel the inorganic growth side of things? Michael Smith: I have but not in the typical sense that you’re looking at as buying a book of business. I want to partner with like-minded advisors that share that common thread of taking care of clients where you can serve as their trusted counsel and sit in the meetings with their attorneys and sit in the meetings with the accountants and give them sage counsel that you can only do because you’ve been with the family for 20 years. You know this family and that, not always, but I think that’s missed a lot in other firms. Jason Diamond: Yeah, I think that’s fair. I just thought of something else that you brought up. You brought Dynasty so I’m going to ask … I’m going to pull on this thread. That implies to me that you’re at least loosely aware of the supportive independence models that are out there yet you chose a very independent, autonomous path, why? Michael Smith: Because I didn’t know what I was doing. Jason Diamond: Fair. Michael Smith: Let’s be honest, I like Dynasty, I talked with Dynasty when I left. I talked to them all, I talked to Rockefeller, I talked to Morgan, I talked to Dynasty and then, when push came to shove, I wanted to be Mike Smith and launch my own firm and learn. And I will tell you, you learn drinking through a fire hose and we did that, we learned, I know the mistakes. What I didn’t want to do is just go to someplace where this is the stuff you’re going to have to use. So, I think Dynasty is a great launching platform, I think there’s other ones out there that are similar to Dynasty or the Rockefellers or the Morgans, it’s truly what you’re trying to achieve in life. What do you want for you and your clients and I always put my clients before me because I’ve always had this lifelong thing of, you do the right thing, you’re going to get taken care of. Jason Diamond: Yeah. And that’s a very common analysis, by the way, and it’s very common too for big advisors like yourself to say I did my homework across all of those different categories. I looked at the traditional wirehouses and regional firms and boutique firms, I looked at the independent broker dealers, I looked at the support platforms and the aggregators and the roll-ups and here’s ultimately what I landed on and why. Did you always know that though or was that something that it took you a diligence process to figure out? There was plenty of advisors, by the way, who come to us and they’re like, “I knew for the last five years that I was sitting there I was launching an RIA someday.” Michael Smith: Yeah. I did not know that and, to be honest with you, hindsight, I think one of those partners probably could have made me a little bit better at first because then I could have focused on clients versus focusing on, hey, how to open a business, who’s your technology … We talked about custodians and some other things but we didn’t talk about technology, how do you go find that technology. Where’s your email address come from? Who’s your chief compliance officer? When it resides on you, you got to look in the mirror. So, I think those parties out there that provide that for brand-new advisors launching could be very beneficial. I had in my mind what I needed to do and I knew I’m very frugal so mine boiled down to how much money I wanted to spend, to be honest with you. Jason Diamond: I think it is a cost benefit analysis, it is. It’s absolutely … Because if you list the functions of a support platform on paper and you showed it to somebody who didn’t know the industry, they would say, “Why on earth wouldn’t you do this? They’re taking off your plate compliance and tech and custody and the like,” and the answer is because there’s a cost associated with it and plenty of advisors decide what you decide, I wanted … Or I just wanted a greater degree of autonomy and freedom, to your point, the name on the door piece, I wanted this to be mine. Michael Smith: And, Jason, I think it also goes to the uncertainty. I had never done anything since Navy, financial advising and then launching. So, for me, I was launching with four employees I had to take care of and here I was going to hire a third party that I was going to have to spend X amount on and I didn’t even know what my income was going to be. That’s different if you’re a multi-billion dollar FA coming out of a wirehouse, the monetary dynamics are different. Jason Diamond: Agreed. Okay, here’s a good one for you. We get this concept from advisors, from firms, from private equity that a billion dollars in assets is like this magic number in our industry. Do you feel like anything’s changed now that you’re at a billion and what’s the next chapter for Emerald Advisors? Is it just continuing on this steady trajectory and serving clients and trust that everything else comes with that? Michael Smith: I go back and forth on a billion, everyone thinks that’s the right number, the biggest number that you need but I think it’s just an arbitrary numbers because it didn’t define who I was. And a lot of people define success at a billion, they define success that you’re a successful firm at a billion. I think I was a successful firm at 300 million, I was a successful financial advisor with 20 clients in 2005. I would say a billion is a multiplier, what I would tell new advisors out there today is gather assets. The more assets you have, the more revenue you generate. The more revenue you generate, the more money you can put in your pocket which means the longer you can stay in the industry. The problem with the industry is an attrition problem, not anything else. So, assets just give us the ability to have revenue which gives us the ability to grow. Jason Diamond: And is that the plan? Keep adding assets, keep growing one client at a time with the focus though, obviously, on what makes you which is a very client-centric service model. Michael Smith: Correct. There’s a lot of things I want to do in the next couple of years and expanding our footprint is our biggest one with the right partners and then just keep adding. I have a business development officer that I’m probably offer a job to here pretty soon and things are going well. Jason Diamond: Yeah, that’s great. You mentioned the tech stack and the other components of the business and I hear you on the frugal cost-benefit analysis. But who did you turn to for some of those early decisions, was it Schwab primarily who helped hold your hand through that? Michael Smith: Schwab was very good at helping me identify the tech stack at first and the tech stack is actually the one consistent, there’s a lot of things I’ve been consistent on but tech is one that I’ve stayed with them. I launched with RightSize, now they’re Advisory, they’re very good, they do the right job for us and I’m big on cybersecurity. So, tech was helpful from Schwab, Schwab helped us with that. Jason Diamond: So, we spoke a little bit about your naval experience but, I’m curious, can you tell us how has your naval experience shaped your perception or your experience in wealth management? Michael Smith: My Navy path was a lot different than many officers. I served 12 years as an enlisted person before I got my direct commission as a Mustang officer, typically called limited duty officers or loud, dumb and obnoxious as I like to say. But that experience gave me a unique perspective because I was able to be the enlisted side and officer which are the workers and then the management side so I had both experiences which was unique. When I was commissioned, Admiral Jerry Ellis, a submarine admiral that commissioned me, heard this lesson to the podium, he was just talking about me in this point but he said, “There are three kinds of people in every organization. You have rowboat people who need to be pushed, you have sailboat people who move whenever the conditions are favorable and then there’s steamboat people, they move continuously through calm or storm.” And he said, “This is Ensign Michael Smith,” he said, “Make your course.” And that’s always stood with me because you do have those three types of people in life. You got people that are just … They’re robo people, they go until they get tired. You got sailboat people that go wherever the wind blows them and then you got steamboat people that chart their own course. I would say for advisors out there make your course or just be happy with what you’re doing. But for some of us hard chargers, I think that analogy has stayed with me my entire career. Jason Diamond: It’s fantastic. I love the analogy, great naval tie in also. Thanks for sharing that. We got time for one more question. You have a fascinating background, a fascinating path to the industry, obviously, an incredibly disciplined approach around client service, any parting thoughts, words of wisdom especially as it relates to growth? That’s what strikes me most about your story is the growth that your move unlocked and that’s what every advisor who listens to our show is looking for. Michael Smith: I’m going to give another plug to Schwab on this. We actually were fortunate and I got their consulting group to come in right afterwards and I’m a big believer in having offsite. So, I’ve had an offsite, two offsites a year for my team and it’s the entire team unlike the wirehouses where you don’t take your admins and stuff like that. I take my entire team to an offsite and we group up on what we’re trying to achieve and have goals and objectives for the year. Schwab allowed us to use their consultants and we came up with our ideal client persona. Teams or firms that have this model become high performing. When you become high performing, growth becomes the outcome. I couldn’t do anything but grow. Jason, I couldn’t not grow because I had this ideal client persona, I knew how I was going to do it, it was measurable. So, growth becomes the outcome and, if you hold people responsible, then we’re all going to grow together and it’s a fun outcome. Jason Diamond: Fantastic, it’s a great place to end. Thank you so much for sharing your expertise with us, I can’t wait to see what the next chapter holds for Emerald, this has been a lot of fun. Michael Smith: Jason, thank you so much. I appreciate everything you do for the industry as well. 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. From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. 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: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think

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