Podcast appearances and mentions of Jason Diamond

Matt Kilgroe — President & CEO, Cyndeo Wealth Partners Matt Kilgroe shares how Cyndeo Wealth Partners grew from a newly launched $1.2B RIA to a $3.5B enterprise, and why the next challenge isn't independence, but building a firm capable of reaching $25B.  In Summary Five years after launching Cyndeo Wealth Partners from UBS, Matt Kilgroe returns to the podcast to discuss what happens after independence. Rather than focusing on the transition itself, Louis and Matt explore the next phase of growth: scaling an advisory business, attracting talent, developing niche expertise, taking on outside capital, and building an enterprise designed to last. Along the way, Matt shares how Cyndeo expanded from $1.2B to $3.5B, why serving professional athletes required a different business model, and what led the firm to partner with Rise Growth Partners as it looks toward a $25B future.  The Storyline For many advisors, independence is viewed as the finish line. For Matt Kilgroe, it became the starting point. When Cyndeo Wealth Partners launched in 2020, the goal wasn't simply to leave the wirehouse behind. It was to build a business with the flexibility to grow in ways that simply weren't possible before. Five years later, that vision has evolved into something much larger. Cyndeo has nearly tripled in size, expanded its niche serving professional athletes and entertainers, recruited advisors, added specialized operational talent, and recently welcomed Rise Growth Partners as a minority investor to help accelerate its next phase of growth. The conversation explores what changes when firm leaders stop thinking like advisors managing successful practices and begin thinking like CEOs building enduring enterprises. The discussion spans succession planning, capital strategy, recruiting, organizational design, and the mindset required to scale from billions to tens of billions—all while remaining focused on clients and culture.  Topics Covered Building an enterprise beyond independence Scaling from $1.2B to $3.5B in assets Organic growth versus recruiting Serving professional athletes and entertainers Why fiduciary independence matters for niche client segments Building operational infrastructure for growth Partnering with Dynasty Financial Partners Minority capital and Rise Growth Partners Succession planning and employee ownership Thinking from $3.5B to $25B > Download a transcript of this episode… Listen and Learn Highlights for Advisors What did Matt learn after transitioning nearly 98% of his clients? (06:20) Why client relationships—not firm logos—proved to be the firm's greatest asset during one of the most challenging transitions imaginable. How did Cyndeo nearly triple in size in five years? (16:10) Matt discusses the combination of niche specialization, disciplined organic growth, recruiting, and operational investment that fueled the firm's expansion. Why has Cyndeo become a destination for professional athletes? (17:15) The conversation explores how deep industry expertise, fiduciary flexibility, and specialized service created a business that would have been difficult to build inside a wirehouse. Why bring on a minority capital partner when the business was already thriving? (24:15) Matt explains why succession planning, future recruiting, and long-term enterprise growth made outside capital the right decision. How should advisors think about ownership versus compensation? (35:40) A candid discussion about enterprise value, equity, and why many advisors underestimate the long-term economics of ownership. What does it actually take to scale toward $25B? (42:20) From hiring executive talent to expanding geographically, Matt shares how he's thinking about the next chapter of Cyndeo's evolution. Key Takeaways Independence creates opportunities that extend well beyond higher payouts, including enterprise value, recruiting flexibility, and ownership. Scaling a business requires investing in operational leadership, not just adding advisors. Specialized client niches demand expertise that goes well beyond investment management. Outside capital can accelerate growth when it's aligned with long-term strategy rather than an exit. Building an enduring enterprise requires thinking differently about succession, talent, governance, and equity. https://youtu.be/WRYJd9Lkt7o Quotable Moments “Don't rent your practice. Own it.” “You can't work in those niches and not be a fiduciary.” “We're not done.” “The road from $3B to $25B is going to really compound on your equity.”  FAQs Why did Cyndeo decide to take on a minority capital partner? To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. How did Cyndeo grow from $1.2B to $3.5B? Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Why is serving professional athletes or other niche client segments different from serving traditional wealth clients? Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. What advantages did independence create that weren't available inside a wirehouse? Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. How should advisors think about building versus joining an independent firm? The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. What does Matt believe is required to build a $25B firm? A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. Related Resources Article: Your Practice Isn't Worth What You ThinkMost advisors misjudge their business's value, not because of the number, but because of the framework. Learn what really drives enterprise value. Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class FirmsHe's built and rebuilt some of the industry's most successful firms and now he's helping others do the same. In this episode, Joe Duran, the founder of Rise Growth Partners, shares lessons from building, selling, and starting again, and how staying curious and adaptable fuels lasting success. Matt KilgroePresident/CEO Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt's passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development. Matt has been recognized by Barron's as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a financial advisor with Cyndeo, and daughter Jillian recently graduated Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… True Alignment: Advising Business Owners on Wealth, Significance, and Value A conversation with Jason Diamond, Nick Hubert and Taylor Gentry – Founding Partners at Panoramic Capital Partners. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is True Alignment: Advising Business Owners on Wealth, Significance, and Value. It’s a conversation with Nick Hubert and Taylor Gentry, Founding Partners, Panoramic Capital Partners. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Advisory firms that work with business owner clients typically operate through a fairly traditional wealth management lens. The business may be the source of the wealth, but the advice itself often centers around investments, planning, and asset allocation, yet Panoramic Capital Partners approaches that equation differently. Nick Hubert and Taylor Gentry are the founding partners of the roughly $450 million RIA, serving about 150 families with a seven-person team. And while they come from very different professional backgrounds, Nick with more of a relationship and storytelling orientation, Taylor from the analytical and private equity side, they’ve built the firm around a shared philosophy tied to what they call personal significance, personal wealth, and personal value. A big part of that philosophy, or the north star as they put it, is applying some of the same accountability and long-term thinking frameworks commonly seen in private equity to the advisory relationship itself, not in a transactional sense, but in helping clients think more intentionally about decision-making, alignment, and outcomes over long periods of time. As a result, our conversation delves deeply into the private equity world, reframing how clients and advisors should consider this important tool as both a growth mechanism and a strategic part of their client’s plans. We talk about how that perspective also shapes not only how they think about serving business owners specifically, but also the role private equity should play in wealth management. Then we take a view of their long runway and how they and other younger advisors might see things differently about building firms today and why clarity of vision may matter more than sheer scale in the years ahead, and much, much more. It’s a narrative that is refreshing and informative, so let’s get to it. Taylor, Nick, thank you so much for joining. Walk us through your background. What brought you to the world of wealth management? Nick, let’s start with you. Nick Hubert: Sure. I think I got my first taste of the industry actually in a sophomore year of college internship, or I interned at Morgan Stanley here in Oregon. I studied finance and accounting at University of Oregon, and so I had this affinity for finance and markets and had that privilege of having that internship. So I had it early on in my career. Ultimately ended up setting my sights on doing investment banking and going that route and did that for a short period of time. Ended up not going very long due to a medical reason, so you don’t have to be that sorry for me. And ultimately started my career in business consulting before pretty quickly realizing that I want to get back to finance, back to investing these things that just felt like core competencies and that thing that you keep coming back to when you’re alone in the middle of the night thinking about stuff, it was always that. Just had this desire to work with smaller units than large corporations, which is great for wealth where you get to work with families and small businesses. And so it was just a natural alignment that took me back full-time to the space in 2016. Jason Diamond: I like the framing it through the size of the unit you’re working with and having more of an impact on the family. Taylor, what about you? Taylor Gentry: I’m a little more circuitous, if you will. Spent a couple of years in investment banking, so you can be sorry for me. Nick and I met in undergrad at the University of Oregon, had the opportunity to work in this investment group together where we were investing a portion of the university’s endowment. And like Nick, interned in wealth management and kind of walked away from it going, “Boy, that’s boring. I don’t really like that.” And so moved to New York, cut my teeth in banking for a couple years and we were working… So an investment bank for context, helping companies raise debt, raise equity, and with mergers and acquisitions, we’re working with huge companies. So the Mattels of the world, the largest toy company in the world. Like Nick, realized, “Hey, I’m going to work with smaller companies that we can get our arms around a little bit better and be more helpful with and have a bigger impact on.” So spent about 10 years with a private equity firm in the western half of the US and we invested in companies in what’s referred to as the lower middle market. So companies doing 50 to 300 million of revenue. And we would invest in those companies, grow those businesses and then look to sell them. Awesome experience, learned a ton, got a bunch of experience around how to invest in companies, how to grow businesses. Then had the opportunity to step into the CFO seat of a couple of different operating companies during that time. It was just a great learning ground, but also to see a whole bunch of different situations. Nick and I have always invested in things together. We’ve worked on things together and we’ve always wanted to work together full time. And a few years ago, the stars really just aligned to say, “Hey, what would it look like to create a differentiated offering in the wealth space where we can blend my background on companies, transactions, how to draw on scale and all those pieces and really marry that with the wealth management piece?” And Nick will get into that further, but it’s just a really unique way to partner with families and companies that are smaller which can have a really high impact experience with those families and really move them through their life journey, if you will. Jason Diamond: Yeah, there’s a lot to unpack there and we’ll get to some of the elements of how you run the business today. First of all, you can’t fool me by using a toy company as your example to make investment banking more interesting. I’m just kidding. Actually, my real takeaway there is you have a skillset that is incredibly relevant in the current wealth management ecosystem, especially in the model you’re currently in. So let’s talk about that a little. Tell us about your current chapter, which is Panoramic Capital Partners. Who do you serve? What types of clients? Give me some perspective on size as well. Nick Hubert: I'm going to take this first. Taylor can do the PE background side and give you a bunch of numbers. I’ll give you the story and see if we can piece it together that way. Jason Diamond: I get the impression you guys use that line a lot. Nick Hubert: Oh, no, that’s the first time. How’d it land? Jason, I spent eight years at our prior firm with our third founding partner, Andrew, and he was at that firm for 30 years. And so we’ve got this core DNA that we’ve always carried of serving high net worth families in a very holistic and deep planning-based capacity, which I think a lot of modern firms say that. And so that’s not necessarily that different, but it is a DNA that carries through. When we got struck with this vision of launching Panoramic and what inspired us to build the firm, it was as, Taylor outlined, around this idea of how do we partner with entrepreneurs and business owners more holistically across their entire entrepreneurial journey, not just around the exit as is so often where the gravity of the conversation sits. And so our firm vision and inspiration was all around that. And since launching in May of 2024, it has been about how do we bring that vision to life with a different business model. And to your point, there’s a bunch to unpack there, but that is ultimately the founding vision of what we are trying to build here overall and what inspires us every day to say, how do we, as Taylor mentioned, bring the combination of skillsets to bear in a way that allows us to be a better partner along the entirety of the journey as opposed to just towards the end when assets traditionally show up, so to speak? So that’s a story from a vision perspective. Taylor, I don’t know what you want to add to that. Taylor Gentry: As Nick outlined, it’s the ability to work with folks throughout the lifecycle. So in private equity, you invest in a company, you work with that management team for three to seven years and then you sell the business and move on to the next project or deal. And really, it’s the deal mechanic that is the value creation. Whereas, with what we are building here, we have the opportunity to really step along the journey with folks when they are in the early phases building what we talk about as the middle phase of allocating, and we’ll talk about this further, and then really the third phase of stewarding capital along the way. And it’s a life cycle or entrepreneurial journey that we’re able to be hand in hand with folks over decades opposed to measured in three to five year spans. Jason Diamond: So it sounds, and you’ve both kind of touched on this now, your different backgrounds, you view as very much a positive because it gives you, Taylor, the more in the weeds analytical perspective. Nick, you’re probably more the storyteller. Do you find that to be a benefit when you’re running your firm every day? And are there instances when it’s a negative? Is there ever a time when you say, Taylor, just maybe more for you, not coming from this world, you don’t speak the same language? Nick Hubert: Do you want me to drop off the call so Taylor can be honest and he can give you the scoop and then he can jump off and I’ll give you the scoop? Taylor Gentry: Jason, we talk about that a lot, honestly. I think it is atypical for someone with my background to step into the wealth space maybe more so. And we leverage that because we have the ability to work with folks on how do you drive value in the company, how do you set the business up for a potential sale exit or transition internally? But this business, historically, we’ve talked about it as almost like two tracks. You have Taylor on the quote unquote business consulting or the business work track and you have Nick on a wealth management track. It’s really not the case. And really, the power is the ability for these two pieces to come together and there isn’t a conversation we have with clients where those two perspectives and backgrounds or contexts aren’t married into one to create really truly holistic advice. And so Nick will probably tell you otherwise, but I haven’t seen an area yet where our two backgrounds has been a negative. It’s actually been immensely positive. And then on top of it, in terms of kind of building out the firm, Nick is more of a traction visionary and I’m more of the traction implementer. What’s amazing about it from our perspective is the partnership we have allows us to, A, recognize that, B, name it, and then C, leverage it in terms of being able to dole out duties and maximize our success together. Jason Diamond: Nick, anything you’d add? Nick Hubert: I think that’s all right. I mean, Jason, your question was from an operational perspective. I think a lot of Taylor’s view is from a client perspective, which is spot on that the overlap of that is really helpful for clients and I think what allows it to be a different experience for them. Internally, operationally, I think that where you could see friction there amongst partners with differences, and I think you do see that, and at the same time, Google was the one who did team research 15 years ago where they put out what you really want, is similarity and vision and differences in skillset when building a team. And so I think we’ve been intentional about that and it’s been really helpful for… Taylor and I functionally met in a quasi-professional setting back in 2011 and developed a friendship quickly, so we’ve got that deep level of friendship that underpins all of it. And same with Andrew and our time working together. So part of it is there’s just such a strength of relationship amongst us that we give space for each other’s differences and look for those as assets as opposed to negatives, but in some sense, beauty in the eye of the beholder as is the case with anything. Jason Diamond: Yep. I appreciate you adding that context. I’ll be honest that when I first encountered your firm, my reaction was your core value prop of serving business owners is not all that differentiated. And then I learned more about the way in which you serve business owners. Can you talk about that? Because a lot of advisors in general, but then I think more specifically, a lot of RIAs would say, “We service primarily business owners.” Tell me how do you do it in a way that’s different and meaningful? Nick Hubert: I’ll take a first stab at that and then Taylor can maybe add on with specific stories. The wealth space is an awesome business and it’s a place where it’s very difficult to differentiate. And so we think a lot about that through the lens of how do we grow this business well for the long period of time to create opportunities for clients and employees. And so we spent a lot of time thinking about that, not only for the sake of differentiation, but also how do we actually just continue to add value to clients? Because if we add value in a different way, growth will take care of itself. I’d say one way of cutting that is we revisit the mission is through this idea of, okay, if I want to be a partner along the journey, it’s about more than a single transaction, more than a single exit, whatever that might be, or a series of transactions as wealth is often created over a series of transactions. It’s this idea of how do we focus on wealth creation and driving business value as the engine of wealth creation for entrepreneurs and what we call personal significance, which is the life of the entrepreneur. And so there’s a next click down framing of our framework that we work through that lens. I think the most important piece for us has been how do we build a business model that actually brings that to life and that’s the trick because we can say that, and if we basically still just operate out of an AUM-based or an asset advisory fee-based business, the reality is my incentive is still towards getting assets out of the entrepreneurial environment, so to speak, into a place that I can manage them, which may or may not be the best thing for the entrepreneur based on where they are at. And so our current work continues to be around how do we build that business model. So layering in different ways of engaging, whether it’s a retainer fee or some other way of engaging so we can start earlier when assets aren’t there and actually encourage the entrepreneur, “No, keep reinvesting in your business. It’s your highest rate of return right now and it’s where the investment needs to go.” I don’t want to have a conflict in giving that advice. And so I think step two here has been building that business model from an actual engagement perspective to enable us to enact the vision. And then I think the third piece is how do we then build tools that are different than just evaluating pre-exit planning, and as is so often, the toolkit, but actually saying, okay, what are the value drivers of a business? And this is probably where Taylor has a lot more to add because it’s 101 of the PE model, but how do we take the mission and vision of an entrepreneur, what we call north stars, translate those into value drivers, ensure those tie to strategic initiatives in the business, ensure it ties to reporting, and ultimately, how capital is allocated between the business and other investments? So then that’s our toolkit that we continue to build out to deploy the mission through our business model with tools that back it up. So that’s how we frame it right now. Taylor, we can share stories about how that’s come to fruition to create different outcomes. Jason Diamond: Taylor, I’d love to hear that. Let me just add maybe my understanding, because this is what helped me, I think, to really understand how you defer, and Nick and Taylor, correct me if I’m wrong, it sounds like the typical advisor thinks about an entrepreneur, a business owner relationship as the next liquidity event in most cases. And you take the viewpoint that it’s a journey, in some instances, 30 years in the making. It’s not even about liquidity event might come that’s beside the point. Is that a fair summary? Taylor Gentry: Yeah. We talk about it as a growing business is a healthy business, a business that is creating incremental value and adding to the multiple in terms of how the business is valued in the marketplace is a healthy business. And so whether you are going to sell that business or retain that business into perpetuity, let’s make a really valuable business and grow a very healthy business. And that’s what we do with clients. Nick laid out the north star framework. And so how do we actually go about engaging with folks on a practical level? It does start with the north star framework. It’s got five steps to it as Nick outlined in terms of defining the north star, where we’re going, what we’re trying to do and that’s across those three pillars, personal significance, personal wealth and business value. And that personal significance has to be held at that same level. Otherwise, we find folks that are mid 50s, their business is crazy valuable, they’ve got a lot of dollars, but their family life isn’t where they want it to be because they didn’t take care of that along the way. So we lay out a place map that says, “Hey, these are the north stars that we are aligning on and coming back to every month when we work with these owners.” We then push that into, okay, what are we trying to do on the business side of the equation? Let’s lay out what is going to drive the value of the business from a multiple and enterprise value perspective. We push that into a set of strategic initiatives that is tactical, who owns what, when’s it getting done, and are we red, yellow or green on it? We then build out the performance reporting package with folks. And so that is a monthly reporting package that says what happened last month and what operational data are we looking at to be able to improve the business month over month and get a good feedback loop going into the company. And then the last piece is around capital allocation that Nick mentioned where if the business generates a million dollars, where’s that capital going? I think there’s a lot in there and it’s really deep, but if you zoom all the way back out, it’s take a private equity style playbook where private equity firms come and invest in a company. And what do they do after close? They put in place good financial reporting, good operational reporting, and then hold the team accountable to that reporting and those results on a monthly, quarterly, and annual basis. And so this is not rocket science or something that’s never been seen before. It’s just most business owners that have never experienced this private equity world don’t have access to it and don’t know how to go about doing it. It’s a relatively long process to get that installed with companies and with teams to really dig in and understand it, but it’s building out those packages to be able to say, “Okay, what happened last month? What changes do we need to make and what are we doing from a initiative perspective to drive the business forward?” So to Nick’s point, it was previously, this was all about liquidity planning or from a wealth management perspective, it’s about the exit. This is about how do we make a more valuable business along the way, and that’s going to be good for the entrepreneur as they move through the journey. Nick Hubert: When we were around the dinner table, the proverbial dinner table creating the vision of this firm, it was around this idea of the silver tsunami and everything that everybody reads in the headlines of this massive wave of transition, this generational transition of business ownership that we could help facilitate. So we launched with that thesis in some sense. In addition to this broader journey perspective, we have gotten to this place by following the market and listening to what entrepreneurs actually want through the big unlock was honestly in a deal process with one of our clients where we realized, “This is a great deal. This person’s going to put a ton of money in their pockets, secure their future,” and it’s completely the wrong outcome for the entrepreneur because it’s thinking all about the deal, not thinking about what this person didn’t want was an exit. They wanted a different relationship with their business, and that required, what do you actually want out of life, that personal significance piece? And it required, “Hey, if we can actually create a layer of team members and reporting that allows you to manage this like a board chair would do as opposed to a highly engaged CEO. That’s actually what you want. You don’t want out of this business. You want to still have this be a huge rock in your life.” And so we’ve ran through that door, said no to the deal with them and have been building the infrastructure around this, and that was the unlock and aha moment for us. There’s something bigger here and that’s what then inspired, in some sense, the broader build out of the toolkit, but I think puts more meat on the bone of actually saying no to a deal, which is not the classic wealth manager outcome to get to a way better outcome for the client and is ultimately still an awesome client for us as a firm and somebody that we can go build with for the next 20 years. I think just telling it through the lens of a story that’s different than what’s normal, so to speak, is a way to frame that up. Jason Diamond: It’s such a hyper focus on a fairly long-term and honestly nebulous potential outcome. You don’t have certainty. That, I think, is why most advisors would prefer the near-term liquidity. I mean, it’s not a secret, right? You can bill on assets, firms are incentivizing it and it’s a pretty direct recipe to net new asset growth, but it’s certainly a refreshing point of view. It resonates with me. I’m wondering if it’s resonated with clients and prospects. I guess what I’m asking is, do they feel that this is something different than the typical wealth management experience for this type of client? Nick Hubert: Yeah, Taylor, tell that story of the guy who said, “I’ve had this, but I felt alone.” I think that story of partnership, you tell pretty well. Taylor Gentry: Yeah. Jason, it was actually that same client, he had a investment banker, a wealth manager, attorney, and a CPA. CPA said, “The deal’s terrible, you shouldn’t do the deal.” Investment bankers obviously incentivized to do the deal. And so he’s saying, “You should do the deal.” That’s how he gets paid. He had a wealth manager who was silent and he had an attorney who just pushing paperwork. Jason Diamond: It’s like the start of a bad joke. Taylor Gentry: Yeah. No, seriously, it’s pretty remarkable. It’s like this guy did what he was supposed to do. He put the team of resources around himself. He got professionals in the seat. It’s that no one could connect the dots of all four of those people because they have the seat of those four people. And so it’s really resonated because there’s an ability to see a bigger picture and connect these dots and say, “Okay, this investment banker is saying X because of A, B and C.” And the CPA is saying it’s a bad deal and that it’s not a market deal. It’s 100% a market deal. This deal is right down the fairway in terms of what the market should value your company at and they just don’t understand how the transaction mechanics should work. And so it’s worked really well from that perspective of being able to be the quarterback or centralized point or personal CFO for folks in understanding where interests lie and also being able to think about what they are pursuing in a bit of a different lens. I think the second piece on that is where does it resonate for folks? I think that there is a gap in the marketplace that we are still working to close, and that gap is that business owners do not know what this monthly reporting package looks like. They do not know what really good reporting on their business looks like in terms of they have always run their… You’ve got a business owner. They’ve run their business for 10 or 20 years. They have a pulse on the business from their gut feel. That does not mean that the business has been optimized, is ready to go to the next level or is ready for a transaction and go through a transaction because they have not done the work on the backend to understand the moving pieces of the business at a granular level. This recording package, we oftentimes get this confusion around, well, I’ve got a temporary CFO or a controller or X, Y, Z. That is very different than what we’re talking about. Well, that is all accounting, close the books, have clean numbers. What we’re talking about is how do I marry operational data in the business, number of units ships, number of jobs completed, time on job, operational data to the financials in the business so I can then go make adjustments operationally on how to improve the business and continue taking steps forward. Jason Diamond: It’s very clear. Nick, anything you’d want to add to that? Nick Hubert: I’d say it’s easy to still cut that from a deal lens and say, look, when an investment partner comes to evaluate a business to sit in their seat for a moment, they’re going to look at the replicability of what that leader has done without that leader still in the seat. And if so many businesses are still reliant on that person and this gets talked about as processes, reporting systems, that ultimately results in a discount to the value of the business because although it can be viewed… For the leader, it’s like, it’s that control thing that entrepreneurs deal with. It’s what made them good. It’s what got you there. And so that transition is really hard. And that’s important from a deal lens because that does a direct impact to value. And to widen out the scope beyond the deal and to think about the entrepreneur’s life, this goes back to the dynamic that a lot of times entrepreneurs look for the exits because they’ve built something that it’s now owning them and what they’ve built is not resulting in the life that they want. And so how can we use this system to actually change that relationship, as I mentioned earlier, with the business so that they can run it more like an executive might and get out of the knife fight, so to speak, that often is how this can feel for a lot of folks, even for pretty large businesses. It can just feel like you’re a firefighter, you’re in a knife fight, whatever you want to use for that terminology. I think it’s as much about creating a different life outcome and different relationship and owning and leading a business as it is in driving deal value. Jason Diamond: Taylor, maybe I’ll ask this of you. Forgive the question, but private equity, I think in our space, has a little bit of a negative stigma at the moment. I don’t think that’s true across the board. I think people appreciate generally the need for capital and there are certainly benefits of private equity. But I’ll say as a whole, advisors are, let’s say, suspicious of private equity. You ever get that pushback? Does anybody ever view your experience or the way you position the story as a negative? Taylor Gentry: I think most people that we talk to don’t know what private equity is. They may have seen it in the headlines. They may have some sort of connotation around it. They won’t come out and say that they don’t like it. They don’t know why they don’t like it. The average American business owner, they don’t know what it is or what it means. So yes, you do have to fight that because of the headline piece around private equity, bad actor ABC, and that’s what gets the headlines. I think what private equity is really good at is taking a business that is not optimized or not running on systems and processes that it can run on. Again, it's not rocket science is not crazy hard. It’s just the private equity world has created ways to install systems and process that improve the value of the business by way of providing visibility to financials and operations in a way that the owner previously didn’t have. And so for us, we view it not by any means as the end all be all or the answer. There are clients we’ve worked with that have taken private equity capital and grown successfully, executed on some acquisitions and then exited again. There are clients that have evaluated those transactions and said, “Hey, not for me.” We are actually fairly agnostic to it. What we really spend a lot of our time on is what are we solving for? What’s the end game? How do we use this private equity transaction to get to where we’re trying to go and is it what we want at the end of the day? Because the reality is, if you’re going to stay on and run that business with private equity investment in, there’s a higher expectation on what you need to do Monday morning than when you owned it yourself and it was a little bit of your personal piggy bank too. Jason Diamond: I love it because you bring it back to the north star concept. Taylor Gentry: Yes, that’s exactly right. It’s what are we solving for and what game are we playing to be able to get to where we ultimately want to go? And for, as Nick mentioned that client that turned down the deal, it was a private equity investment. We got very clear with that, “Hey, here are going to be the expectations. You will have a monthly financial reporting call. You’re going to have quarterly board meetings.” These are things that need to happen in this business to be able to upgrade the management and cadence in this company. You don’t have to do it all tomorrow, but that is how you make a more valuable company, is installing some of these systems, process and cadence. And so we’re working with him now on doing that, just in a private context instead of in the private equity backed environment. Nick Hubert: I think there are three things embedded in this. I’d say number one, to Taylor’s point, this is a massive black box, in some ways by design. Wall Street’s had not a great reputation for a very long time of putting things behind the paywall, so to speak. And so we think a lot about our job as empowerment and education. Jason Diamond: Education, yep. Nick Hubert: Yeah. And so part of it is just, number one, how do we just demystify this thing and name things and take away the go to or bad? Because it can be that, but it should not be that from a core basis. That’s number one. Number two, a lot of entrepreneurs feel like they cannot get access to this ability to professionalize or level up or whatever these things are without bringing on that investment partner. And so part of our motivation is how do we actually bring this skillset in without needing to bring on an investment partner because oftentimes, that investment partner comes when you’re done, and so you don’t actually get to experience it. That’s number two. Number three is, Jason, part of your point earlier was like there’s still a trap here of potentially being able to get motivated primarily by the exit. And so again, that gets back to our business model, making sure our price Racing is right, all that good stuff. And it’s also the reality that a lot of businesses, if you just look at a very broad scope of American businesses, a lot of them don’t have value in the marketplace in a massively material way and/or won’t exit in a traditional way. And so the wealth creation journey then becomes much more of a conversation of, how do we manage the balance between investing in the company and distributing out of the company to invest elsewhere because we should actually be creating investment assets along the way because when you get to the exit, there’s no better power position at the moment of exit than already having financial security to some degree and giving you choice in the right deal, not the highest and best deal because you need to fill the piggy bank for retirement. Jason Diamond: I just want to be sure to ask because you did mention a couple times your pricing structure. How have you set it up so that you can be more agnostic about this as opposed to the typical… You want to talk about it for a minute? Nick Hubert: As it’s structured now, it starts with a retainer earlier on where we are working… As Taylor mentioned, we are going deep in the operational build of the business. We will do that on a monthly retainer. We’re engaging consistently. As assets get built up and if assets get built up, we start to chew that retainer down as assets go up. I think what we are ideally trying to figure out, and still honestly have not figured out yet, is how do we get to parity so that we don’t create an… I want to be able to work agnostically with a client to say- Jason Diamond: Yeah, I love it. Nick Hubert: … regardless of how I’m engaging with you, that’s the goal. So I’d say we haven’t cracked the code on exactly what that is yet, but mechanically, we’ve got the levers to pull to say how we price and move that retainer down is basically allowing to keep it at par, so to speak, for the client and allowing us to say, “I’m here to engage in making the best wealth creation outcome for you along the way, whether that’s investing in the business or investing outside the business.” Jason Diamond: I think that’s the right recipe. I agree. The levers can be fine-tuned, but to me, that’s the model you want to create where you can credibly look your prospects and clients in the eyes and tell them, “Our job is to serve you in the best way… We’re sitting on the same side of the table as you.” I want to turn this inward for a second. The home cooking concept. M&A, within the RIA independent space, is obviously a hot topic. Have you thought about it? Do you think it’s a critical part of a potential growth trajectory of a healthy, independent firm? I’m curious your perspective. I feel you, Taylor in particular, probably have a unique lens on this coming from the world you came from. Taylor Gentry: Yeah, Jason, I think if Nick and I wanted to put as much money as we possibly could in our pockets as fast as humanly possible. It’s a pretty easy recipe. It’s go get some private equity capital backer, roll up a few RIAs, get to a few billion of AUM and then sell it to the next private equity firm or roll it to the next private equity firm, do that a few times. We’d all make plenty of money and go on our way. We’ve been really intentional on this front, and again, I talk about this is what we want to do for the next 30 plus years. And really being intentional around building a business that has that enduring nature to it, decided to take private equity capital on, you are on a shot clock to some degree. Yes, you’re trying to build a best business, all of those pieces. You get cadence. You get capital. There’s a ton of value there, but you are on a shot clock that is not a shot clock we’re trying to get on at this stage. I’d say we opportunistically are looking at acquisitions. So we think about it, and Nick and I talk about it all the time, how much of our time should we be spending on acquisitions? And we think of it as 80/20 or even 90/10, 80% or 90% organic growth-focused, 10 to 20% acquisitions-focused. And so we’re actively evaluating those consistently and see deals on a monthly basis that we look at and evaluate, but it’s less of the focus today than it could be down the road. Jason Diamond: And Nick, do you think of that when you guys talk? Do you guys call that your true north? Do you think the same way you coach your clients and prospects to say, “For right now, it wouldn’t be the right move for us to take private equity capital and to do this acquisition rollup strategy because A, B and C are more important for us”? Nick Hubert: Yes. I think if we take our life north star for Taylor. I’m speaking for Taylor, but we’re close and so we share this of… To Taylor’s point, the life outcome of scaling that quickly with that type of capital backing is likely to create a life that I don’t actually want that’s not good for me, not good for my family, and honestly, not good for our clients at this point. And so that overrides in this case, even though the wealth, north star might say, “Hey, absolutely do that.” At some point something has to win. And so that is true. At the business side, as the north star is motivated by this mission of the entire entrepreneur journey, the worst thing I could do is shortcut my ability to be on that journey for a long period of time. One of our friends in this space says, “The best thing I can do for my clients is still be in the seat 30 years from now because I’ve lived a good life that enables that.” And I think that’s spot on for us, is everything, it’s so easy in today’s world to be consumed by short-termism and we are intentional in ensuring that we don’t succumb to that. While still recognizing to your point, I mean, you’re in this all day, Jason, right? There’s a massive opportunity in front of us to be thoughtful about how acquisitions fit into this. And I think we want to be open to that in a way that ensures we just don’t lose the core of the goodness of what we’re trying to build. Jason Diamond: I think that’s the right answer. The only wrong answer in my mind is we’re not open to this or we’re closed to it. To not at least be opportunistically aware of the dynamics in the market, I think is naive. But also, I’ll be honest, Nick, when I think about the concept of the north star, I have a hard time imagining, because we use a similar concept when we counsel advisors. What is your true north or your north star and your best business life, whatever you want to call it? To me, it does include absolutely the personal piece. I think it’s hard to define it only on the economic verticals because, I mean, I think about this for a transitioning advisor. Almost never is the conversation about crunch the spreadsheet and get us the biggest check possible. It’s, yeah, sure, transition capital is important, but it’s let’s also, we want a better work life and we want freedom to market and blah, blah, blah. To me, I think it’s a completely fair way. You two are looking at it at least for now and I assume you reserve the right to revise that opinion down the line. Nick Hubert: I think acquiring for size and scale is as often the headline is, yeah, we’re not into that at this point because I think… And yet, hey, if the right acquisition with the right people came along in that, we’d be extremely excited and would move very quickly to execute on that. So it’s a little bit of a both hand. Taylor Gentry: Yeah. Jason, I think it goes without saying, but my background on having done a bunch of transactions of businesses like this, it’s a natural fit for us to have this as a lever. And so we are looking at deals. We just haven’t prioritized it as the top priority. Jason Diamond: I think also where you are, 2024 was the launch of the business. It’s pretty common to see, all right, let’s nail this, let’s get our feet under us, client service model and then we’ll start to think about that down the line. A couple other things I want to ask you about running an independent firm. This is a pretty glowingly positive review, I think, of your ability to service clients, your ability to grow and to build and run the business that you want. Has there been anything negative that you haven’t enjoyed about running and operating this business, other than working with each other, of course? Nick Hubert: No, I was going to say, I’m like, can we get Taylor off the call again? Taylor Gentry: Jason, maybe I’ll take a first cut at it. I think for both Nick and I, it’s just the administrative components of running an independent business that we don’t enjoy candidly. I don’t think many people would. That said, you come full circle and it is a pretty glowingly positive review of running an independent business because we get to run it in the way that we see fit. And oh, by the way, we use the same things that we use with our clients. So the value drivers we’ve talked about, we have a value drivers worksheet. We refresh it every six months. Nick, Andrew, and I get together every six months and we’re 18 months into this thing and we’ve already got this cadence and system to it, if you will. So I personally really enjoy the running the business piece of it from a macro perspective. Yeah, I’m responsible for running our fee billing and running the math on all that and getting that done, for example. Jason Diamond: I think that’s actually a very thoughtful answer. And I appreciate you saying I enjoy running… I feel the same way, by the way. There’s some elements of running a business that I think are immensely fun. I think it gets painted with this brush of, “Ugh, running the business is the hassle and I want to work in the business.” Agreed, nobody likes invoicing and accounts receivable for the most part, but Nick, what are your thoughts on this? Nick Hubert: Yeah, I think mine is different a little bit coming from a different background where it’s easier for me to sit with the rose-colored glasses of the joy of the freedom that we have in this model. At the same time, when I’m counseling folks who are talking with folks or mentoring folks, younger people who are thinking about, “Okay, I want to go start my own thing,” I’m like, “Hey, it’s like I’m the same way. I want to look in the mirror and think I’m the boss or I’m one of the bosses and we get to go build this.” Then the reality is, at the end of the day, if there was something that you didn’t want to do that had to get done and you didn’t do it, you got to look in the mirror and be like, “Well, you’re the boss, you didn’t do it.” It’s the both sides of the coin that I think a positive, negative cut is one way to look at that because it can feel that way sometimes. And the reality is every job has 20 to 30% of it that you just don’t enjoy doing, and that’s totally true. Jason Diamond: It’s why they call it work. That’s why they pay you. Nick Hubert: They’d be pretty quick to point out that I’m the one of the partnership group that they’re going to have to chase for a smaller administrative item because, yeah, I honestly, just similarly speaking, don’t enjoy that. I want to go talk to clients. I want to go focus on building what we’re building. In finance speaks, it is a higher beta to just the all encompassing realities of running a business that is really hard to underscore without being in the seat. And yeah, there’s definitely 20 to 30% of that I would love to wave a magic wand and say, I don’t have to do anymore. Jason Diamond: Yeah, I appreciate that. Nick Hubert: You can’t have one without the other. It’s both sides. Jason Diamond: I think it’s getting easier and I think it’s getting more offloadable and some of it probably gets more… In some ways, more offloadable as you scale, but then you get a new set of problems, probably two, because you’re dealing with bigger… It’s a never ending. I think most business owners would agree with that. And you said it well, you take the good with the bad and overwhelmingly, most people we speak with in the independent space feel as you do, which is, are there things I would prefer to offload or that I would prefer not to do? Of course, but that’s almost just the price you pay for the freedom and for doing all the things you want to do. Two more questions that I want to be sure to ask about where this has been a great episode. One is AI. Need to know your thoughts. Is this coming for our jobs? Do you think your firm is positioned to capture either asset flows or also just to leverage this technology and use it to serve clients better? Just give me your thoughts. Nick Hubert: I think, in some sense, it would be irresponsible as people this early in our entrepreneurial journey and thinking about how do we optimize what we do for clients to not be engaging with AI in some way, shape or form, at least in an evaluative posture. So we are actively, in a bunch of different ways, whether it’s buy it off the shelf or build it, continuing to find ways to think about, not only how do we drive efficiency, because there’s an obvious surface level dynamic of if I can save time and spend more time with clients, that is a go to thing objectively. And there’s this deeper dynamic of if it can amplify what… Actually, back to your prior question, if it can amplify what I’m best at and enjoy and reduce what I don’t enjoy, that’s a massive win. And I think we’re on the surface of seeing that. That’s the opportunity we are motivated by that and pursuing that. And at the same time, I would say an operational principle that really is important to us, and you can almost call it a north star within the business is client security can never be put at risk for the sake of our own growth, our own efficiency, or anything else. There’s, I think, still a question mark as to how we think about trusting this. And so we are very cautious as we think about we will never try to move so quickly on any technology, whether it’s AI or otherwise that we risk our clients in some way, shape or form, because the reality is we are also in a context where AI is, when pulled, one of the least popular things happening in the world today for the average American. And so there’s no kudos here for being a leader. Jason Diamond: I totally agree. The first mover advantage here is slim to none. Nick Hubert: Yeah, you don’t want to be the one sticking your neck out on this in our industry. And yet there still objectively has a potential to be better for the clients. Navigating that I think is messy. Taylor Gentry: I think the only thing I’d add, which is pretty short, is the use of these tools has the ability to create a better deliverable for clients on a more consistent basis. And marrying that with exactly what Nick just outlined around the risk is really the magic piece here. And so I think, to the extent we can get it implemented effectively with the security, but also with, this is going to result in a lot better outcome for clients across the board, that’s a pretty attractive objective to go after and it’s pretty exciting to be in the industry with that now on the forefront in terms of ability to improve that experience over time. Jason Diamond: Yeah. No, that’s a good color to add. I want to end here with a potential HR violation, but you’ll forgive me. I’m not going to ask about age, but you are clearly both relatively young advisors. And this is a hot button issue in our industry, the idea that there are not a lot of talented, young next gen advisors at a time when a lot of gen one or older advisors are retiring out of the business. So what would you say… I think one of you made the comment earlier, it’s not necessarily the coolest industry to go into at 23 years old right out of school. I think more commonly people go into sales and trading, investment banking or some of the other finance verticals. What would you say to younger folks interested in wealth? And maybe I’d ask also, do you have any thoughts on how we solve this next gen talent crisis? And if you’re both secretly 90 years old, you can just do it. Taylor Gentry: You talking my internal age or my actual age? Jason Diamond: Why don’t you go first? Nick Hubert: Yeah, go ahead, Taylor. Taylor Gentry: I think there’s two threads here. The first is it’s not a sexy industry to go into and not as sexy as an investment banking, private equity shtick, if you will. I think from my perspective, it’s really important what you’re working on. The ability to be in a firm like what we are building with the diversity of work that is available is a little bit like the world’s your oyster and we’re designing it with that in mind. For Nick and I, the ability to work on many different situations throughout the day and throughout the week is actually why this business is so attractive and interesting and why we want to do it for 30 years. And so we’re building with that context. And so, in some ways, it’s almost like a plug for younger advisors, the ability to work in a firm like what we’re building where you’ve got this diversity of work that is not just trading stocks and bonds or just spreadsheeting or just financial planning. This is a much broader expression and experience than what I would call “traditional” wealth management. So I think that’s the key on that front. Then, on the talent development side of the equation, if you will, this AI thing is going to be a big question mark. And what I mean by that is there is significant training that will be required in, call it traditional wealth management or the firm we’re building with regard to folks’ ability to actually learn when you can plug it into AI and get an answer that you don’t have to critically question or think through. And so there’s going to be a significant learning curve for folks that we’re going to have to continue to train and educate on in order to produce talent that can be long-term sustainable and beneficial for clients more writ large. Jason Diamond: Nick. Nick Hubert: Well, first and foremost, we haven’t given our third partner enough here of time. I think we have a tremendous benefit of having a multi-generational team at the partnership level where he’s in his mid to late 50s and can bring that additional experience to bear and as is necessary, and as is important because investing is an experienced business and a lot of clients want that. And so the power of that matters. I think that actually speaks to firms being willing to think of partnership at that level that partnership is not reserved for just once you’ve been there for a long time. So I think it’s getting at like, how do you share ownership earlier, do it in a way that is actually giving people a stake in the outcome and allowing that elevation to happen. I think that’s number one. Number two, honestly, the existence of people like you and your team and that your family has built over the years, Jason, is awesome. And because of the ability for you to help people navigate and see how easy it is to actually run this business and build this business in some sense… And that’s in the broader spectrum of having seen. We work with so many different types of companies. We sometimes say our business is so much easier to run and it has come so far with technology and with people like you who are providers to us to allow it to be easier for us so to speak. That’s a big deal. I think that should be talked about more that there is a massive… What that allows is more time to, as Taylor mentioned, build what you actually want because you can outsource the compliance piece in a major way that allows you to not spend as much time on that as you used to. So I don’t think that gets talked about enough. And I think if you just zoom out and view this in the perspective of post-2020, there was this massive movement of entrepreneurship through acquisitions and people looking at this idea of how do I get the life I want by way of not having to be on a two-year clock to go to the next job to the next job. Have something that I can have a long-term impact on where I get to build something and have employees. This is the perfect space for that because it’s such an awesome business where you get to work so intimately with people and clients and their life outcomes. They’re, again, relatively speaking, easier businesses to run relative to what’s out there. I’m just baffled by the fact that it is not seen a larger wave of younger people coming out of these more “traditional” paths and seeing this as an awesome place when they’re willing to go buy an HVAC company. This is so much easier than that. So honestly, I think

With Constantine Hatzivassiliou—Partner, Certuity Golf taught Constantine Hatzivassiliou how to perform under pressure. Building a nearly $5B multi-family office taught him that the best advisors become the first call when life, not just the markets, gets complicated. In Summary Many advisors spend years mastering investments, but for affluent families, portfolio management is often just the starting point. Jason Diamond welcomes Constantine Hatzivassiliou, Partner at Certuity, to discuss how his journey from aspiring professional golfer to leader of a nearly $5B multi-family office shaped his approach to client service. Their conversation explores why trust is earned long before a crisis, how family office services evolve naturally from client needs, and why the advisor's role increasingly resembles that of a quarterback coordinating every aspect of a family's financial life. The discussion also examines organic growth, referrals, fiduciary advice, private equity's impact on the RIA landscape, and the qualities that allow advisors to become indispensable over decades—not just market cycles. The Storyline Many advisors spend years perfecting investment management. But as clients become more successful, the job changes. The questions become bigger than portfolio construction. A business is being sold. A family dynamic shifts. A tax issue emerges. An estate plan needs updating. Suddenly, the advisor isn't simply managing assets—they're coordinating decisions, relationships, and emotions. For Constantine, that broader role was shaped long before he entered wealth management. As an aspiring professional golfer, he learned lessons about discipline, preparation, and performing under pressure that continue to influence how he serves clients today. Jason and Constantine explore how Certuity grew from approximately $210 million in assets to nearly $5B, not through acquisitions but through referrals and a service model built on becoming indispensable to the families they advise. Constantine explains why he believes the best advisors function more like quarterbacks than portfolio managers, orchestrating the many moving pieces that come with significant wealth. The conversation also examines the evolution of the multi-family office model, the role of fiduciary advice, the impact of private equity on the advisory landscape, and why experience, judgment, and trust remain the qualities clients value most. Ultimately, this episode is about what it takes to become the first call when life – not just the markets – becomes complicated. Topics Covered Lessons from professional golf that translate to wealth management Building Certuity from $210mm to nearly $5B in assets What distinguishes a multi-family office from a traditional RIA Why referrals fuel long-term organic growth Becoming the “first call” for affluent families Fiduciary advice and the evolution of the advisory profession Family office services beyond investment management Private equity and M&A in the RIA space Developing the next generation of advisors Trust, relationships, and lifetime client service > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did professional golf prepare Constantine for advising wealthy families? (3:45) Constantine explains why competing under pressure taught him discipline, emotional control, and process—qualities that now guide every client relationship. How did Certuity grow from $210 million to nearly $5 billion? (8:00) He shares why nearly all of the firm's growth has come organically through client referrals rather than acquisitions or aggressive recruiting. What separates a multi-family office from a traditional advisory firm? (11:45) The conversation explores how expanding into trust, estate, tax, and family office services became a response to client needs—not a business strategy. Why should advisors think of themselves as quarterbacks? (20:00) Constantine recounts a client business sale that fell apart at the closing table and explains why advisors often become the person holding everything together. How does Certuity view private equity and acquisitions? (36:20) Jason and Constantine discuss when outside capital can make sense—and why Certuity has chosen a different path centered on client alignment. Why do wisdom and experience still matter in an AI-driven world? (29:30) Despite advances in technology, Constantine argues that judgment, trust, and perspective remain the qualities affluent families value most. Key Takeaways High-net-worth clients increasingly value coordination, judgment, and perspective over investment selection alone. Family office services often evolve naturally as advisors respond to increasingly complex client needs. Sustainable organic growth is rooted in trust, which explains why referrals account for the overwhelming majority of Certuity's new business. Golf and wealth management share the same disciplines: preparation, emotional control, patience, and executing under pressure. The most valuable advisors become trusted partners during life's defining moments—not simply portfolio managers. Technology continues to reshape wealth management, but experience and wisdom remain difficult to replicate. Building a lasting advisory business requires investing in culture, succession, and the next generation of talent. https://youtu.be/m72Hq6bMTo4 Quotable Moments “The best advisors aren't simply managing portfolios. They're the first person clients call when life gets complicated.” “A bad shot in golf is the equivalent of a bad day in the market. You can't let one dictate everything that comes next.” “More often than not, we're not just financial advisors—we're financial therapists.” “Growth gets the headlines. Trust is what makes it possible.” FAQs What is a multi-family office? A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Why has Certuity grown primarily through referrals? Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. How does golf relate to wealth management? Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. What is Constantine's perspective on private equity in wealth management? While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. What qualities distinguish exceptional advisors today? According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. Related Resources Emotional Intelligence: The “Untouchable” Differentiator in an AI World Intentional Growth: How Top Advisors Build Businesses That Last The 10 Characteristics of the Most Successful Teams Constantine HatzivassiliouPartner  Constantine Hatzivassiliou is a Partner at Certuity, a nationally recognized multi-family office serving affluent families, entrepreneurs, executives, foundations, and endowments. He advises clients on the complex financial, tax, estate, and business planning decisions that accompany significant wealth, helping families coordinate all aspects of their financial lives through a comprehensive family office approach. Drawing on more than two decades of experience, Constantine works closely with successful business owners, corporate executives, and multi-generational families to simplify financial complexity and align investment management, tax planning, estate planning, philanthropy, and family governance strategies. As a Certified Exit Planning Advisor (CEPA®), he frequently assists entrepreneurs in preparing for liquidity events, business transitions, and the long-term stewardship of family wealth. His clients often view him as a trusted advisor and strategic sounding board, helping them navigate important financial decisions with the perspective of both a family office professional and a coach. Prior to joining Certuity, Constantine held advisory and banking positions with The Bank of New York Mellon, Bernstein Global Wealth Management, and Pacific Mercantile Bank. Before entering the financial services industry, he was a Golf Professional and member of the PGA of America, experiences that continue to shape his disciplined, competitive, and relationship-focused approach to advising clients. Outside of his professional responsibilities, Constantine is passionate about mentoring young athletes and strengthening the communities in which he lives and works. He serves as a Board Member of Coerfontaine Football Club (CFC), a premier youth soccer organization focused on developing young athletes and helping them pursue collegiate and professional opportunities while fostering leadership, discipline, and character. He also serves as Chair of the Safety and Security Committee for Parkland, where he works alongside community leadership to enhance resident safety, security, and quality of life. In addition, Constantine is a Founding Board Member of The Boardroom, a private membership organization focused on fostering meaningful relationships among business leaders, entrepreneurs, and professionals through networking, education, and philanthropy. Born in Greece, Constantine spent his childhood in Montreal before relocating to South Florida. He attended the University of Florida before earning a Bachelor of Arts in Economics from Florida Atlantic University, where he graduated with honors. He holds the Certified Exit Planning Advisor (CEPA®) designation. A lifelong student of the game, Constantine remains active in golf and is a member of Muirfield Village Golf Club, founded by his longtime  hero and mentor, Jack Nicklaus, as well as Parkland Golf & Country Club. Constantine resides in Parkland, Florida, with his wife, Stephanie, and their two children, Nicholas and Olivia. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Episode Transcript Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I want to talk more about the growth because that’s remarkable. But before I do, can we double click on the service model? So, I would say the most typical we hear, I think more of our guests typically come from the wirehouse world where it’s I have my book, you have your book. What does your service model look like? So, is it truly, if it’s working well from the end client perspective, you should be interchangeable with your partners and it’s a true team approach? Constantine Hatzivassiliou: How we engage our clients, the theory should be I can get hit by a bus tomorrow and outside of the client not being able to speak to me directly, they will not have a hiccup in any way, shape or form. And when we’re dealing with families across multiple generations, the way we’ve built our platform, that continuity is critical in the engagement process for the clients hiring us to help them through all of the challenges that they face. Jason Diamond: What’s your sweet spot in terms of client size? Constantine Hatzivassiliou: Our average client size today has just shy of eight million AUM with us. We have some clients who have $1 million certainly but they’re strategic in that their friends, their family, they could be centers of influence who help send business our way because they value what it is that we do and there’s a strategic partnership because we might need them for their trust and estate services or their accounting work and they have clients who have a need and we’re on the short list of people they refer to. Jason Diamond: That they trust. Yeah, makes sense. So, I’ve seen this in the news and also even on your own internal materials, I’ve seen you described as both a modern multifamily office, you’ll also obviously hear the term RIA as well. Does that distinction matter at all? And maybe my second part of that question would be what is the distinction between that space, whatever you call it, and the more traditional firm world from a client service perspective? You mentioned that all of your partners from that world. Constantine Hatzivassiliou: I started in this industry truly at an institutional level at Bernstein in New York and, for anyone who knows Bernstein, they really do brainwash you on the fiduciary model and the values affiliated with that philosophy has translated through my career at BNY Mellon which has a very similar feel as Bernstein. And then, when we came here, we instilled that same core value principle of fiduciary responsibility for our clients so we are very different than a traditional wirehouse or brokerage house, it is why we’ve grown so successfully. I would never, one, work for an institution that did bide by those standards and, secondarily, I wished Congress and Senate would turn around and actually implement a mandatory fiduciary liability for all financial advisors because, far too often, we see prospective clients or families get taken advantage of because the individual sitting across from them giving them financial advice is not necessarily aligned with their goals and objectives. Jason Diamond: So, I take it you are fee only. Constantine Hatzivassiliou: We are fee only. Jason Diamond: Yeah. I don’t want to lose the thread on the first part of my question. Do you think there is a distinction between a multifamily office and an RIA? I don’t want to lead you here but to me it implies a different level or different caliber of service model that probably includes more of the ancillary trust and estate and CPA type stuff that higher network clients need but curious what your thoughts are. Constantine Hatzivassiliou: Our first seven years at the firm, we were strictly an RIA, we functioned as an advisory service provider to our clients. What attracted me and my partners to Certuity was the nimbleness of the firm. So, for instance, at BNY Mellon, we often deemed a change necessary as moving an aircraft carrier across the world but it was an impossible task to accomplish. But when you’re small and nimble and clients come to you with a need and you’re in the service, ultimately, first and foremost, it made sense for us to start building out family office services for our clients because they had a need and we found it as a way to centralize everything because, far too often, when the communication standards break down between all the individual parts, one, it’s more expensive for the clients and, two, the process isn’t efficient, things get missed. So, we tried, largely due to our growth, to bring everything in house and our clients appreciate that for it. Jason Diamond: So, this is not a chicken and egg situation, this is very much we had large clients, we were attracting large clients and, in order to service them optimally, here’s what we felt we needed to build. Is that fair? Constantine Hatzivassiliou: 100%. Jason Diamond: Let’s shift gears, I need to go deeper on the professional golf thread a little bit. I promise I won’t make the whole interview about your golf background. I’m curious if you feel like that experience or that, I don’t know, upbringing or, I guess, background laid any foundation for the way you engage with clients today or the way you operate as a business leader today. Constantine Hatzivassiliou: So, there’s a couple parts to that. The golf side, certainly, just from an engaging client perspective, 90% of our clients are golfers. Jason Diamond: It’s very true. Constantine Hatzivassiliou: Right. It just helps because of our background and certainly with some of the clients and partners that we have at the firm, golf is a critical thread in what we do. However, when it comes to golf, what I learned playing golf at a high level directly translates to how we manage money for clients and I’ll express it this way. There’s generally two types of golfers, there’s the artist, the Sergios of the world who don’t fundamentally function off of specific points in their swing or a very structured platform, they see something, their mind becomes creative and they execute on it. I was never that way, I am a numbers person, I think everything analytically, I break everything down to the minute, everything is strategized and organized, I was taught to practice that way by Coach Alexander at the University of Florida and that foundational element seemed easy, it worked. If you practice properly, you’ve succeeded. Under pressure, all those hours and hours of repetition translated to success more often than not. In our industry, it’s process-driven, it has to be unemotional. A bad shot in golf is the equivalent of a bad day in the market, you can’t let one bad day in the market influence everything you do for the next year. Same way on the golf course playing in a tournament, you can’t allow one golf shot to affect the rest of the round. We kid with our clients oftentimes that, while we are fundamentally their financial advisor, more often than not, we’re their financial therapist. We have to control their emotions and make sure they’re not making an irrational decision. For instance, a couple days ago we were out with a client the day that Iran shot down one of the US military helicopters and we’re sitting down at lunch and, all of a sudden, his phone starts blowing up because he’s getting all these Google alerts to the market heading in the wrong direction and he had to go do a life insurance test later on that afternoon. So, all week, he had prepped and he was calm and he was relaxed, he was really excited, he’s, “My wife is setting me up with a new insurance policy and I know it’s for her benefit but all my numbers look good, I’m going to ace this and my premiums will be really low because of it,” it was a $25 million policy. And as he’s looking at his phone and he sees the market collapsing in his mind, his blood pressure rose to no end, you could see that his anxiety level went through the roof and, had I not been there with him at the time to hold his hand through that process, his afternoon would’ve been shot. I would’ve got a phone call saying, “What are we doing to prevent 2% loss in my portfolio,” because that’s how he thinks and, in that moment, I was the therapist to talk him off a ledge. It’s so hard for individuals to manage the stress of the markets, that golfer mentality of, okay, just breathe, relax, let’s see what’s going on, let’s make an educated, confirmed decision, let’s circle back with our caddy if we’re on tour and competing and make a unified decision for the long-term success of the goal that we’re trying to achieve. And what we do every day is the same thing with our clients. Jason Diamond: It’s an incredibly thoughtful answer, I expected a version of the latter part of your answer. I appreciate that you added the part about just most clients like golf, enjoy talking about golf, enjoy playing golf and it’s an effective business development tool, there’s no question. Constantine Hatzivassiliou: So, I have two kids, a 12-year-old and an eight-year-old, my son who’s 12 who’s an exceptional soccer player and wants to, aspires to play professionally one day has now fallen in love with golf which I’m ecstatic about. I think golf and tennis, from a business development perspective- Jason Diamond: Yeah, lifelong sports. Constantine Hatzivassiliou: And I look at it now and my mentor when I started in the business was absolutely right. The fact that I could get a CEO of a Fortune 100 company to want to actively spend four hours with me where we could dive into the weeds about their personal life, their financial situation, their business, you could never get that time otherwise. I urge everyone who’s coming out of college or is going into college who wants to aspire to be in any type of sales related role, golf is a great venue to make long-term relationships. Jason Diamond: And importantly, tennis is not as good on the knees long-term or the back long-term. So, you stick to golf, you get a little more longevity out of it. Constantine Hatzivassiliou: It does help, yes. You’re right. Jason Diamond: My thought always goes to people call it the 15th club in golf, just this mental element of the game and to me it’s the clear moment in golf that always comes to mind for me is the 72nd hole. I don’t know if you just watched the US Women’s Open but Nelly Korda standing over a two-foot putt that I really thought she missed, is there an equivalent of that moment? Are you ever able to recreate that pressure in your current role or is that something that you miss? Constantine Hatzivassiliou: Jason, we have those moments weekly, countless stories. Here’s where I love my job. I’ve transitioned from being the guy behind the screen who is just trading accounts, that’s where we all start and you have to have that foundational perspective of what’s involved in trading an account on a daily basis. Not that we ever picked stocks to an extensive level, we were generally managing ETFs, mutual funds and strategies but I’ll give you an example. So, just last week, we had a family and this is where the family office side comes in more so than the financial advisory services come in. We had spent four months in helping a family sell their business, it was a life altering moment, the dad started the business, the dad had been independently successful, net worth of well into eight figures, was happy and content, brought his son into the business, son was brilliant, saw an opportunity within the business and grew the business by 4,000%. Jason Diamond: Literally? Constantine Hatzivassiliou: Yup. All because of this, the son saw a different direction and pivoted the business and grew it out and here he is, getting ready to have their first child and he gets approached by a firm to acquire his business. They’re ecstatic, the number was perfect, I thought it was overvalued, I was telling them that there’s no way they could turn it down because the number was too significant. Had they gone to the market, they would probably never achieve that level of return. And literally, the day of closing, as we’re expecting the wire to come through, the deal gets pulled. So, here you have the father who’s crushed because he was trying to provide something for his son, the son who’s just devastated because he now was preparing for the second stage of his life and you go through at that stage the classic stages of grief, it’s the cycle that goes through it. I was holding their hand through the three-month process up to there, every day, hourly calls, strategizing, building everything out, organizing the accounting team, organizing the attorneys, getting it all to work out. And here I am, father and son, unbelievably stressed, you have the wives in the background who can’t quite comprehend what’s going on, you have employees beneath them who are now confused as to there was a transition getting ready to take place and the only person who can step in under that critical moment to bring everybody back together was me. So, here I am thinking, 20 years ago, I’ll just pick stocks and bonds for individuals but now I’m in the middle of deal flow trying to help a family solve the issues that arise. So, those are hugely critical- Jason Diamond: Yeah, that’s right. Constantine Hatzivassiliou: …moments where, because our clients are our friends and family, we care for them like they’re our own, you become emotionally attached. And the same pressure that I felt when I won my first mini tour event after college, when I had to get up and down from the impossible bunker shot and I hit it to six feet and I made the crucial put to win my first $23,000 check which I thought was unbelievable, they gave you those big old-fashioned- Jason Diamond: The Happy Gilmore checks. Constantine Hatzivassiliou: Exactly, right? It was the greatest day at that time. The stress of being in that bunker trying to hit that shot is the same stress I felt having two phones ringing, one the father, one the son where we have to keep that situation separate. So, you’re diving into unbelievably stressful situations and the best part is, when we get it all solved and literally yesterday we solved the entire dynamic of the business, I get a text from the son saying that this was the most incredible rollercoaster experience he’s ever experienced, that he’s incredibly grateful for all that I did and our team did for him and that, for the rest of his life, we will always be the first person he calls to solve any of his problems. So, for us, that’s the recreation of that stressful moment and then the victory on the back end. Twenty-five years ago, I got the big Happy Gilmore check. Yesterday, I got that text which I’ve printed out and framed and have it in my office as a constant memory of why it is we do what we do. Jason Diamond: And I would bet that’s more impactful than the $23,000. It’s an incredible story and I’ll tell you why, you said it but it’s as far away from stocks and bonds as you could possibly get. But I think, most advisors, a story like that resonates much more. It leads into my next question. You intentionally choose to service a high net worth segment of the market and I would assume that number’s probably creeping up, not down over time in terms of who you service. My thought is that’s a very competitive segment of the market as well. Is this how you differentiate is just you make it about those types of human examples or is there more to it? Constantine Hatzivassiliou: I’m envious of the advisor who could walk into a room of 200 people and they become the central focal point of the room where they can walk up to every single person and fearlessly ask them incredibly personal information, I’m not wired that way. For me, I’m very much the individual that I will find the one person that I have common ground with, I will deepen that relationship and I will add value and, because of the value that I create, I become a critical component of that individual’s success. And that’s how we’ve grown our business holistically at the firm largely buy that extra layer of service. We’re a commodity business. Being in South Florida, the clubs that I belong to, 10 to 15% of the members feel like they’re financial advisors. You could throw a rock anywhere and find a financial advisor so how do I differentiate myself? The only way I can truly differentiate myself and my firm is the level of service we provide, to go that extra step. To where, when we’re calling a client, they know I’m calling them to support their needs not because I’m seeking something for any ulterior motive. Jason Diamond: But you don’t mention financial planning or investment management or asset custody. Is that because I assume just that’s table stakes? Of course we do that but … Okay, yeah. Makes sense. Constantine Hatzivassiliou: That’s the easy part, right? That’s foundationally … And to your earlier point, you were asking the RIA model. One of the biggest challenges that we had down here in South Florida was the RIA model is new. If you were in the northeast, RIAs are very common, out west, incredibly common. Down here in South Florida, I just finished dealing with Bernie Madoff. Jason Diamond: You were fighting the good education fight a little bit. Constantine Hatzivassiliou: At Bernstein, 108 of our clients had assets with Bernie Madoff. Jason Diamond: Yeah. Constantine Hatzivassiliou: So, when you leave, one of our biggest growing curves as an RIA in South Florida was, when you leave the power of BNY Mellon or Bernstein and you’re some random little shop called Certuity, no one knows who you are. So, there was a big part of our education in the business was learning how to educate clients and prospective clients on the value of the RIA model and the fiduciary model in particular. Jason Diamond: Could you give me the 30-second answer to that if somebody says who are you, your prospect? I’ll tell you why I ask. Forget just Bernstein’s and BNYs of the world, a Morgan Stanley advisor or Merrill advisor has the exact same fear. I’m leaving Merrill to go launch Jason Diamond Wealth Management, my client’s going to say, “Well, who is that?” So, give me the quick pitch. Constantine Hatzivassiliou: Your typical broker, let’s say, you’re not really hiring JP Morgan, you’re not really hiring Wells Fargo, you’re not hiring Goldman Sachs, you’re hiring the advisor who works for that institution. Now, yes, that advisor has the Rolodex of data and information available at the firm level but, ultimately, you’re entrusting that individual to make your decisions for you. The broker who leaves the brokerage model to open up their own brick and mortar operation has to then decide are they continuing down the wirehouse brokerage model where they’re transactional in nature, the economics behind that, far more profitable. The revenue streams affiliated with a brokerage house drastically blows us out of the water. But then you have to also look at yourself in the mirror so how are you running your book of business, how are you running your practice. So, to answer your 30-second question, the RIA model, in my opinion, is truly the only way any family of wealth should proceed with an advisory firm because you want an individual who is aligned in your goals and objectives. Our clients know that I’m their chief financial officer, I work for them. They task us with building out a financial strategy that is customized to their individual needs and they never have to worry do I have an ulterior motive as to why I’m presenting an option in that strategy. And, because of that, the fiduciary model, I think, is critical for our success as a firm and, again, as I mentioned earlier, I wish it’s something that was industry well and not the vast minority. Jason Diamond: Yeah. No, that’s a great answer. So, do you think then that, as time has gone on, this has gotten easier? I assume the answer is yes either because more clients are aware of your brand and/or more aware of the space as a whole. Constantine Hatzivassiliou: The first thing that helped the most was some gray hair. When I started at Bernstein, I attempted to solicit new clients very much the same way I do today. But when I was 26 years old and I’m sitting in front of a family worth and the dad was in the 70s and he lived his life and I’m younger than his kids, he would look at me and say, “What do you really know? What experience do you have?” So, doing this now for as long as I have, the number one thing that has helped me the most in growth is just wisdom and time. Without that, yes, you can be a rockstar stock picker. We have so many kids coming out of college today with the advent of AI and technology that have algorithms that could run unbelievable portfolios and there is a segment of the market who wants to hire and engage those individuals but, generally speaking, the families that we service, that is 10th or 12th on the list of importance. Jason Diamond: No, I think that’s spot on. I think most high net worth clients counterintuitively agree with that, that alpha, for lack of a better term, is really not the name of the game or not in the top five reasons why you would engage with a financial advisor. Constantine Hatzivassiliou: Agreed. The biggest thing that we’ve been doing to educate clients especially in today’s environment, I had a call yesterday with an individual, a client who lives in New Jersey who works out of New York for a hedge fund, he knows our space incredibly well. He’s one of those kids, 28 years old, brilliant, as smart as you’ll ever be but his tax bracket is atrocious. He is paying so much of his W-2 income in taxes and building out a strategy that can reduce his tax liability by several hundred thousand dollars a year far exceeds any alpha I can generate by picking a top decile performer. Jason Diamond: What was the strategy? Move to Florida? I’m just kidding. Don’t answer that. Constantine Hatzivassiliou: We offered that but, unfortunately, he has to be physically in the office in New York City but yes. Jason Diamond: I think that will resonate, by the way, your gray hair comment. I appreciate the humility and the modesty in that because, the reality is, one of the questions I was going to ask you about was next-gen talent cultivation. In my opinion, this is a hard game for younger folks for that reason. People sit across from other people with a lot of money and they say, “Why am I going to entrust you with my life’s work when you just don’t have that degree of experience?” I was asking more even about your firm success and your firm story, have you felt like that’s caught on more? Do you have more brand awareness, if you will, now when you go to a prospect meeting or do you think you’re still constantly fighting that education fight? Constantine Hatzivassiliou: So, first part, brands, it’s improved in our immediate network. In our little bubble of the world, yes, it’s known. Let’s call it, in South Florida the influential attorneys, the accountants, the divorce attorneys know who we are because, having been down here long enough, we’ve had opportunities to work together. Our network of friends, certainly, the word spreads. But in the grand scheme of things, we are so small in the South Florida landscape or the LA landscape or the New York landscape so any incremental gain that we pick up is meaningful. And then, as it relates to young talent, our success is completely, long-term, derived by the young talent that we bring in to nurture them to help them grow. I look at our success, two of our critical mentors and board members of our firm are in their 80s, their children and grandchildren, nepotism aside, whether it was interning while in college or coming to work for us after school, they’re our best employees. And our goal as a firm, just like how I was offered the opportunity to become a partner and own a piece of the business, our goal long term will be to transition the business to this younger generation that we’re developing. I look at, again, those two board members who are in their 80s, the advice they’ve given me is don’t ever stop working, you have to be doing something. And I turn to them and say, “I don’t work every day.” I put in 20 hour days, well, not quite 20, 18 hour days but it’s never work because, what I do every day, I don’t deem it work, I love what I do, I don’t ever see myself stopping. Because they’ll tell me all of their friends that have stopped working or sold their business, invariably, the men die within six months because boredom and we always joke around that you’ll continue to work forever. So, I would hope that one day I transition into that advisory board member role where I step aside day-to-day activity where I’m now a mentor to our younger generation that we’re promoting into partners because we’ve made promises to our clients that we will forever be their family office. So, we have to, as part of our growth model, have those transitions in place because we’re servicing many families that have 85-year-old clients and two-year-old clients and we’re tasked with the two-year-olds as well as the 85-year-old. Jason Diamond: I also feel like there’s a little bit of younger generations I think have been reluctant to some degree to get it, you can disagree with this, to get into this space because there’s a more appeal to things like investment banking and sales and trading to some degree. The other problem obviously you alluded to is asset gathering. Your model speaks so clearly to success because you don’t say I own the client, that’s my relationship. To me, you plant the seeds of being able to handle succession much better than somebody who does the mine is mine and yours is yours approach. Is that fair? Constantine Hatzivassiliou: That’s completely accurate. And I think there’s two types of people that serve in the financial advisory space. You have the individual who is analytics driven, who likes being behind the bank of monitors trading account and there’s a critical part of our firm and our success is driven by the team in the office that aren’t necessarily client facing that do all the heavy lifting every day because they’re really doing the heavy work. Myself, my partners, the select few, while talented and able to do that, realize the value that we present is quarterbacking the relationship and helping understand all the components. We kid around that we’ve all stayed at a Holiday Inn Express last night, we’ve become experts in tax, we’ve become experts at trust and estate planning, we’ve become experts at divorce, we’ve become experts at the medical field. It’s shocking how it’s 2:00 in the morning and you get a phone call, panic attack by a client saying they need a doctor for X, Y and Z, can you connect me. So, the younger generation, yes, the sexy space is investment banking and that is really hard work. I could not do what my friends at Goldman do who are at these private mid-market funds, that’s just not me. I’ve been fortunate that I stumbled into an avenue in financial services that I think perfectly fits my personality and my want and desire to help others because that’s what we’re driven by and we try and hire people with that same mindset. The hardest thing as an RIA especially in South Florida is finding and retaining talent that is like-minded and that could function well within our family. Jason Diamond: If you build a firm predicated on culture and client service, I understand, certainly, the importance of that. I want to shift gears, I don’t want to lose this thought. You mentioned organic growth, it’s incredible. You have not mentioned inorganic growth at all and maybe because you haven’t had to but give me your thoughts on M&A, private equity in this space, do you have plans to sell the business, take on a capital partner, buy other RIAs? Constantine Hatzivassiliou: Yeah. So, I understand why private equity in the last 10 years has come into the market. For years, they bought up insurance practices, that recurring revenue, sticky assets, it makes sense. Personally, I’m not a fan of them being in our markets, I think they’re motivated at the end of the day by AUM growth, revenue growth and the second transaction which, for most of our clients, would not make sense because, again, that then questions why it is that we’re motivated to do something. Am I taking extra risk in the portfolio because I want to grow the AUM because I’m looking to sell in a year? Am I bringing in a strategy that has a higher fee? For us, it doesn’t work. In the brokerage model, it makes perfect sense. Now, there are some RIAs who leave the wirehouses, open up an RIA shop, do really well for their clients but don’t have the long-term aspirations of making the institution a legacy to where they’re passing it off. I hope my kids one day want to come work for dad and follow in his steps, that’d be amazing. Just like our younger generation working at the firm, our goal is we’ve already targeted the three or four guys that will be partner one day and we’ll transition the business over to them. But it’s okay if there’s an RIA out there who doesn’t have that transition product or isn’t motivated by that and is looking at it as a vehicle that I’ve built a really good successful book of business and I want to now retire and spend time with my family and kids and travel, et cetera, and that’s where PE steps in and offers an attractive number and the person makes their move. So, I can’t fault the individual for wanting that and I’m not saying that they’re not doing well by their clients, it’s just, for us, I’m not a fan of it because, again, I’m first critically and always focused on what’s best for the client. Jason Diamond: Fair. And I largely agree with some of what you said around private equity in this space but private equity enables … Obviously, it’s capital so which enables acquisitions which is why a lot of firms take on private equity. So, what about the idea of potentially buying businesses to start up inorganic growth? Constantine Hatzivassiliou: We have gone down the road of acquiring other institutions potentially. The challenge is, because we manage money so uniquely and our approach is so different, I’m not going to bring on an institution or bring in a new partner to the firm or a new book of business that we’ve acquired if the methodology and the life of that book doesn’t mirror ours. So, yes, there is opportunities to grow through acquisition, it’s not something that we are leaning on heavily. However, for the right institution that’s available that is aligned with our thinking, whose clients would value and appreciate how we do things or, if that institution is doing something truly unique that we would want to bolt onto our platform, all day long because, again, for the benefit of the client, it makes sense. So, yes, there are opportunities for that. Too often we find that, when a book is available for acquisition, the highest bidder tends to win out and we don’t have the deep enough pockets to write a multiple that we don’t deem to be, let’s call it, market neutral. Jason Diamond: Yeah, market prudent. I understand the premise and I think that’s fair. I also think you have the luxury, because of your organic growth, you can be super, super picky about inorganic and I love how you bring it all back to the lens of the client. Can this improve the client experience in some way? And, if so, yes, we’ll take a look. I got time for one more question, I can’t believe time has flown. You’ve had a remarkable journey, professional golf now partner at a $4 billion plus on the way to $5 billion RIA multifamily office. What are you most proud of when you reflect on your career journey? Constantine Hatzivassiliou: What am I most proud of? To see what Rich, myself and Mark and Jayson built over these years from where we were sitting in a small conference room, struggling to figure out how do we find a way to hire a trust and estate attorney to help with that component, which CPAs do we bring on board in-house because clients have a need. So, the entrepreneurial spirit involved in growing the business, the late nights, the struggles, the banter back and forth, to put so much blood, sweat and tears into this and now to look at all that we’ve accomplished, being in four separate states with offices, having so many wonderful employees that have come to us from all over the world, Germany, from China, from Tokyo, bringing people in to the US and building out something that, when we leave at the end of the day, are incredibly proud of. My father’s no longer with us, for 50 years, I always strived to make him proud because he never told me that he was proud of me, he was the classic Greek old-fashioned dad. I think he looks down on his now for everything that we’ve built and would say that he’s proud of us so, for me, that’s the best. Jason Diamond: Yeah. That’s an incredible place to end. Thank you for sharing that, it’s a touching place to end and I appreciate you being open. Thank you. This has been one of my favorite episodes, your journey, your humility, your honesty, your transparency, it’s no wonder you’ve built a business you’ve built. So, thanks for joining us, Constantine. I look forward to having you back on to talk about the next chapter. Constantine Hatzivassiliou: Thank you. Next time we’ll do it from the golf course. Jason Diamond: Oh, absolutely. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I

Recent studies say that somewhere between 12 and 16 percent of Americans have used GLP-1s like Ozempic, Wegovy, or Zepbound. Many people who take these drugs report that the meds have fundamentally changed their relationship to food. Jason Diamond is a writer who covers food, men's fashion, and culture. Throughout his life he's had a complicated relationship with both food and medication, which played a big role in how he thought about whether or not, as a new dad, to start taking GLP-1s.  Jason's story in New York Magazine is “Eating With My Daughter and My Zepbound.” The Sporkful production team includes Dan Pashman, Emma Morgenstern, Andres O'Hara, Kameel Stanley, and Jared O'Connell. Right now, Sporkful listeners can get three months free of the SiriusXM app by going to siriusxm.com/sporkful. Get all your favorite podcasts, more than 200 ad-free music channels curated by genre and era, and live sports coverage with the SiriusXM app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A Special Industry Update, With Jason Diamond and Mindy Diamond Jason and Mindy Diamond revisit how advisor due diligence is evolving—from AI and enterprise value to firm stability, ownership, and optionality—and why those questions matter more than ever. In Summary Due diligence has always been about finding the right fit. But what advisors are evaluating has expanded considerably. In this replay of an Industry Update, Jason Diamond and Mindy Diamond revisit The Advisor Transition Playbook to explore how advisor priorities continue to evolve. Beyond the traditional reasons advisors consider change, they discuss newer factors shaping decisions today—from artificial intelligence and enterprise value to ownership structure, firm stability, and long-term optionality. The conversation reinforces that while every advisor's motivations are personal, the evaluation process has become far more strategic. Today's advisors aren't simply comparing recruiting deals or platforms. They're considering how today's decisions may influence the value, flexibility, and future of the businesses they're building. The Storyline For years, advisor movement was largely driven by familiar themes: bureaucracy, management changes, technology frustrations, and the desire for greater independence. Those factors remain important. But the conversations Diamond Consultants has with advisors today increasingly include questions that rarely surfaced just a few years ago. How should AI factor into firm selection? What is the long-term value of building enterprise value instead of simply maximizing a recruiting package? How important is a firm's ownership structure? And how should advisors think about stability in a marketplace where acquisitions, recapitalizations, and private equity investment have become commonplace? Jason and Mindy revisit the transition framework introduced in Part 1, focusing less on the mechanics of making a move and more on the evolving criteria advisors are using to evaluate their options. The result is a broader discussion about due diligence—not simply as a transition exercise, but as an ongoing strategic process for advisors seeking to build their best business life. Topics Covered Advisor due diligence Traditional vs. emerging drivers of advisor movement Artificial intelligence in wealth management Enterprise value and advisor ownership Recruiting deals versus long-term economics Reverse due diligence Firm ownership and stability Private equity in wealth management Advisor optionality Building a long-term advisory business Blubrry Player > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are the traditional drivers of advisor movement still relevant? (4:00) Jason and Mindy revisit the longstanding push-and-pull factors that continue to influence advisor decisions, from bureaucracy and management frustrations to the desire for greater ownership and control. How has AI become part of the due diligence process? (13:50) The discussion explores why advisors increasingly expect firms to demonstrate a clear AI strategy—and why investment, integration, and vision may become meaningful competitive advantages. Why should advisors care about enterprise value, even if they don't technically own their business? (24:30) Jason and Mindy explain why more advisors are evaluating decisions through the lens of long-term business value rather than solely short-term economics. What does reverse due diligence really involve? (37:15) The conversation highlights why advisors should evaluate prospective firms with the same rigor firms use when evaluating advisors. How does firm ownership affect advisor optionality? (38:00) Private equity, acquisitions, and changing ownership structures have made it increasingly important to understand what happens if a firm's strategy changes after an advisor joins. Why has due diligence become more strategic than ever? (45:30) The episode concludes with a broader discussion about defining one's “best business life” and making decisions that align with long-term goals rather than reacting to short-term frustrations. Key Takeaways The reasons advisors evaluate change have expanded well beyond traditional frustrations such as bureaucracy and compensation. AI has become an increasingly important component of firm evaluation, not because it replaces advisors, but because it can enhance productivity and client service. Enterprise value is becoming a consideration even for advisors who currently work within employee models. Reverse due diligence is just as important as a firm's evaluation of an advisor, particularly when assessing ownership structure, capitalization, and long-term stability. The most effective transition decisions balance immediate economics with long-term flexibility, ownership, and optionality. Every advisor's definition of success is different, making clarity around personal goals the foundation of any due diligence process. https://youtu.be/WZbUZJZK1yc Quotable Moments “Every advisor deserves to live their best business life.” “Just because you're frustrated doesn't mean you should move. You need something worth moving toward.” “The question isn't simply what you're paid today. It's what you're building over time.” “Knowledge is power. Understanding what your business is worth should be part of every advisor's decision-making process.” FAQs Why are more advisors expanding their due diligence beyond compensation? While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. How should advisors evaluate a firm's AI strategy? Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. What is reverse due diligence? Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Why does enterprise value matter for employee advisors? Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. How has private equity changed advisor due diligence? Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. What does Diamond Consultants mean by an advisor's “best business life”? It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. 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. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 1 Annual Advisor Transition Report Top 10 Tips for a Strategic Due Diligence Process Should I Stay or Should I Go? View the transcript of this episode… The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. 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: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done. Number two would be some sort of change in or frustration with management. Something is going on that the person or persons that are responsible for managing the business are just not … They’re not the wind at their back. They’re obstreperous. They’re causing difficulty and frustration. And probably the third one would be less about a pain point and more about the desire to be something that they couldn’t where they were. The notion that they want to be more independent, they want to be a business owner and they just can’t do that. That doesn’t exist within the model where they work. Those probably have been the three ones top of mind, but I bet you’ll have some … You’ll add to that. Jason Diamond: I’ll add a couple. But before I do, I’ve heard you talk about this topic, maybe said another way as pushes and pulls. Can you explain what you mean by that? Mindy Diamond: Yeah. So I think that we think about the pushes, the frustrations, the things pushing somebody out the door, the factors that make it less easy or less fluid to do business. And there’s almost always pushes that exist when somebody comes to us, where they’re frustrated to some degree or another about certain things. But we tell people all the time that just to be frustrated should never be enough, because if all you’re doing is running from one set of problems, you’re very likely to run into maybe a different set, but still problems elsewhere. So a move needs to be driven in equal part, if not more, by pulls. Being pulled toward an opportunity that can be needle moving enough or better enough than where you are now. Pushes and pull. Jason Diamond: I love it. So let me ask you a little bit of a pointed question. Is a recruiting deal a valid pull factor? Mindy Diamond: So look, it’s different for every person. We’ve had advisors come and say, “I just went through a divorce and the most important thing to me is to recapitalize. And so a recruiting deal is really important.” And while I would never be one to say that’s not valid, it can be … And by the way, any advisor should want to and expect to better their financial situation. There should be economic gain. But it shouldn’t be the only or the primary reason for the move. So you want to monetize. The notion of wanting to monetize in the short term should be a factor in what model you pick, but it shouldn’t be the primary driver for a move. Jason Diamond: I agree with that wholeheartedly. I was going to say something I think maybe would’ve surprised you a little, which is like, yeah, I think recruiting deal is a very valid pull factor because what we’re saying is, it shouldn’t be the only pull factor. And sometimes it is and it makes us a little bit sad, I think, when that’s the case. But all of these factors you mentioned, and the ones I would add, I think that maybe technology would be another kind of factor that drives movement, all of these factors are not one specific reason. If you did the exit interview, either actually conducted the exit interview with advisors or thought exercise exit interview, I think they would point to a confluence of all of these factors. Compliance was a headache. I wanted to launch a podcast. I wanted to be able to send a timely communication to my clients. We used to hear that one during COVID a lot, right? By the time compliance approved something to send to clients, it was already stale. So do you agree with that, that it’s generally a confluence or a combination of these? Or in your experience, is it advisors are like, “No, compliance or the tech is so bad, I’m out”? Mindy Diamond: Yeah. So most often there’s a straw that breaks the camel’s back incident or thing where they’re willing to put up with a series of minor paper cuts, if you will. And then almost always there’s something that happens. You and I got a call the other day from a team that said that they had split from their partner and the management of the firm was favoring the ex-partner, making it harder for them to stay or making it less fun or feel good for them to stay. So while they gave me a laundry list of things that were imperfect, I don’t know that any one of the things that were imperfect up until then would’ve been enough to drive them out. But when that one thing, that feeling that they were a second class citizen came up, that was the straw that breaks the camel’s back and went from a minorly frustrated to, “I’m out of here.” Jason Diamond: Yeah. And there’s probably a hundred examples you could walk us through. And I wanted to just highlight too, this concept is not limited to the wirehouse or employee or captive firm world, this is equally relevant for independent advisors. Granted, some of the pushes and pull factors, some of the triggers are not necessarily the same, but the idea that advisors outgrow a broker dealer or an RIA or either need or want or desire in some way, shape or form, greater autonomy, flexibility, freedom, control is certainly not limited to the employee space. I just wanted to make that point. Mindy Diamond: And I think that’s absolutely right. I think the notion of that frustrations or limitations or bureaucracy only existed if you were a W2 employee at a bulge bracket firm. That went out the window. As the industry landscape has expanded and there’s more and more valid ways to be a financial advisor, there’s more and more ways for a firm or a model or an infrastructure to frustrate an advisor. And that’s not being overly negative. It’s just to say there is no perfection anywhere. Jason Diamond: Yeah, 100%. And by the way, to play a little bit of devil’s advocate on that, and then we’ll move on, I would just say there are pain points that might come from a firm being small and subscale as well. My firm doesn’t have efficient technology. They don’t invest enough in the business. They don’t provide a lead mechanism. They don’t have a robust banking and lending or investment solutions platform. So this stuff cuts both ways. An advisor can be frustrated or limited and an advisor can be excited. Pushes and pulls I think touch on, we’ve heard from advisors in every single pocket of the market, this is a relevant concept. Mindy Diamond: The theme of this is that every advisor deserves to live their best business life. That’s what people are in search of when they reach out to us or when they engage with us. What they’re looking for more than anything, and this is irrespective of where they work or how long they’ve worked or how much they manage, every advisor is in search of their best business life. And what defines their best business life is having the best quality of work life, but also the best ability to do what they want to do with their business, to serve their clients without limitations, to grow the way they want, to be paid a fair wage, and ultimately set up to maximize the value of the business they’ve built. Those are the definitions of one’s best business life. Jason Diamond: I used an even simpler definition of best business life and I stole it from you, which is the true north concept, which is if your true north is maximizing enterprise value and chasing the dollar and trying to build something that’s scalable and saleable, then great. If your true north is to build a lifestyle practice, there’s plenty of advisors who are successful and happy and content in that regard as well. And I think that’s what we’re talking about, is finding your true north and then it’s possible. I mean, that’s the beauty of the landscape. We’re talking about this, a lot of this is pain points or things that advisors experience. The exciting part of this is there’s never been a better time to be an advisor because of the breadth of choice they have and the ecosystem that’s been born to support advisors, to your point, across the spectrum. Mindy Diamond: Yeah. And it’s also, I think, worth saying that it starts with really good crystal clear clarity around not only what’s frustrating you, but what you want ideal to look like. Because I can’t tell you, or I can tell you because … I can’t tell our listeners, I can’t stress enough how often we get calls from advisors that tell us where they think they want to be or tell us they want to move. They have clarity about what’s frustrating them or what they want to change, but they don’t really have clarity about what they want it to look like. And the less clarity you have, the less likely you are to be successful in finding the exact right solution. So our work, the thing we probably do best is really work with advisors to help them. It doesn’t take long. In an hour conversation, we can help them to really get crystal clear on what they’re looking to solve for. Jason Diamond: Absolutely. All right. Great appetizer. We set the table. Let’s dive into the main course now. I want to talk now about what I’m calling the 2.0 triggers or the new triggers of movement. And to be clear, it’s not that these are more important or better or more significant drivers of movement. In fact, you could argue they’re probably at present less significant than the ones we just listed. But I think what we’re saying is these are triggers that are starting to come up more and more in conversations and we expect them to only proliferate further. And in that regard, they’re noteworthy and important for advisors because advisors should be reconciling not just what are the things I need to be worrying about today, but also what are the things I need to be potentially worrying about five years from now. So with that in mind, let’s dive in. I think the first one we have to start with is AI. And I always chuckle a tiny bit when we mention AI, we used to have to specify what are we talking about. Are we talking about artificial intelligence or alternative investments? And now it’s very clear. Everybody knows we’re talking about artificial intelligence. So the direction of the industry, no over-dramatization to say is at stake here. It’s that important of a topic. Let me ask you just very simply first, is this coming up in conversations with advisors? Mindy Diamond: Oh, all the time, but it’s almost table stakes. So I think the way it comes up is that people assume, advisors assume, and by the way, have the right to assume that AI is part of the tech stack. The notion that if I’m evaluating a firm and part of what frustrates me or part of what’s really important to me is cutting edge, really robust technology, part of what I am expecting is that a new firm is going to have really robust technology. And part of that is really robust access to AI. And has honed the AI in a way that’s user-friendly, that really answers or delivers on making me a better … Not replacing me as an advisor, but making me a better, more efficient advisor. Jason Diamond: 100%. And I would also add, so as I think about this AI topic, I don’t want this to become a conversation around, is AI going to replace advisors, because I think we both agree that’s not going to be the case. Especially at the top end of the market for quality advisors, I think they’re not going anywhere. But in my view, when we think about the trigger of movement, AI has the potential to be transformative because a couple kind of use cases or trigger cases come to mind, and I’d love to hear your thoughts. One is, do you think advisors will potentially consider a move because they’re worried about this? So in other words, play this logic out with me. I’m 55 years old and I’m like, “Oh man, AI might be coming from my job.” And there’s firms offering 400% of revenue to move my book. Maybe I should take that check and kind of de-risk and monetize while I can. What are your thoughts on that? Mindy Diamond: I absolutely think we’re already working with that fall into that category, but to say that is the only reason for the move would be wrong. I’m grateful that people trust us enough to be transparent with us. So they let us know that underneath the notion that they want to better serve clients, they ultimately want better access to A, B, and C, they want to be able to do D, E and F with less restriction, is really the main reason for the move. But underneath it, the notion that my book, I want to protect myself. My book may well be the biggest it’s ever going to be. It is going to be worth more today than it could be in the future if things don’t go my way. And if I know I’m going to move and one of my goals is to monetize, I might want to do that now. Jason Diamond: I agree. And that’s where the top deal story comes in also. Firms paying a top deal is a part of that story. It’s what you just said, plus advisors know firms are willing to pay incredible multiples. I mean, as we speak, UBS is in market with one of the largest deals in history. So those two narratives side by side, I agree. I think this becomes more of a kind of catalyst or driver movement. It’s come up in my conversations on both sides of the spectrum. It’s the tech savvy, AI savvy advisors who are excited about this, who are like, “I want to be the most AI enabled version of myself I can be. It’s going to make me a rockstar and it’s going to widen the gap with my peers,” but it’s also come up with the people who are, I think, rightly scared and fearful about what this might mean for their job. Mindy Diamond: Let me ask you, what are examples of the way you’ve seen some of the best firms who have embraced AI? What is their narrative? What is it that they’re saying to advisors that if you come here from a tech or AI perspective, you’ll be better because we’re able to do … Fill in the blank. Jason Diamond: Yeah. So a couple that come up. First of all, I want to make the important point. Advisors do not expect that firms, either their current firm or firms that they are diligencing prospectively, have this figured out or solved. Everybody understands this is a fairly new area that firms are still very much kind of developing their strategies in. What advisors want to see is a few things. They want to see though leadership, they want to see investment, and they want to see a strategy, right? Effectively, they want to see a step in the right direction, really. So I’ll give you a couple examples. There are a number of tech savvy RIAs, very tech-enabled, AI-focused RIAs, because I think this is easier to be nimble. I think where you’ll see this quicker probably is in the independent space. That what they’re doing is things like this. An advisor logs on to their workstation in the morning and their system queues them proactively, Mr. and Mrs. Smith may be good candidates for a Roth IRA conversion. And then if the advisor decides to contact the client in some way about it, the system will of course help them draft the communication, but then it’ll take it a step further and actually help them to process and transact that conversion. So soup to nuts, ultimately driving efficiency. That’s the name of the game. That’s why firms, I think, are excited about AI, at least the good firms. Because what I think they realize it will do is, the stuff that’s a waste of time that could be automated that advisors, and probably even more so their associates, client associates are spending time on, that should be a massive time saver for advisors. And I think if you play that story out, what does that mean? It should mean bigger books of business and therefore more productive advisors because they have more time to prospect and focus on their clients. Thoughts? Mindy Diamond: Yeah. So I think you said it perfectly, but it raises the question then. You say that the RIAs can be more nimble. You’re right. I mean, the big story around the biggest firms was like moving a battleship, it takes a long time to turn it. It’s not as nimble. So what and how are the bigger firms competing against the RIAs with respect to AI? And second question, we still always get questions, and rightly so, about Morgan Stanley has more money to invest… Jason Diamond: That was going to be part of my answer. Mindy Diamond: … than fill in the blank RIA. So how does that all work? Jason Diamond: That is absolutely going to be part of my answer, is that I have heard this question posed almost presumptively both ways. “Oh, it’s got to be that the RIAs are going to be the clear winners in this.” And I’ve also heard, “Oh, it’s got to be that the wirehouses are going to be the clear winners in this.” I don’t think it’s going to be channel specific like that. I think it is going to be firm specific. I think there’s going to be firms that are going to do this well and firms that are going to not do this well. But there’s going to be winners in the wirehouse space. There’s going to be winners in the regional firm space, with firms like Raymond James who are clearly trying to be on the cutting edge of this. There’s certainly going to be winners in the broker-dealer space. LPL is investing heavily in this, as are many of their broker-dealer competitors. And then of course the RIA space, where sometimes they may not have the budgets, but they have a couple things. They have private equity backing, sometimes. They have the custodians that they’re built on, right, or the tech vendors that they’re built on. So Schwab and Fidelity or Orion and Addepar. They have other ways to access these innovations. One of the things that comes up with this that your question I think gets at is, a similar question that was raised around technology stacks, which is strength of offering versus integration. And that’s where I think a firm like Morgan Stanley really will shine, is they should … Because they don’t put anything out that’s not well integrated. The big firms have generally done a pretty good job of that. Versus the RIAs. Sometimes we’ve heard feedback where, yes, you have access to you name it, right? You dream it up, you can go and buy it. But the left hand may not speak to the right hand quite as well. Mindy Diamond: Yeah, that’s actually a really good point. And integration is probably one of the biggest … If you ask an advisor when they talk about technology as either being one of their pushes or pulls, probably what they’re referring to more than anything is not only having the capability, but having the integrated capability. So that’s a great point. And I think your point is right, that the final chapter on this has not been written. Nobody thinks that it has. And so whatever answers you and I can talk about today about who’s winning this race, or this tech race or this AI race, will be totally different tomorrow. We all know that. But I think for purposes of this conversation, to say that an advisor having an expectation that their technology be outstanding and that AI be on the table, that a firm is embracing it and heading in the right direction, if you will, has the right thought leadership and the right willingness to invest in it is what advisors are really looking for right now. Jason Diamond: Absolutely. And this is a question too from the firm’s perspective, if you are a firm of any size, you must be able to answer that. This has become question 1A. And again, I don’t mean to suggest that I think AI is the number one most important factor driving advisor movement today. It very well might be at some point down the road. I don’t think we’re there yet. But I do think it’s the topic du jour or the hot topic, where every advisor is asking about this. So that means if you’re a firm, you need to be prepared to tell the story or at least have the vision. And I think what we’re hearing from both advisors and from firms is this, AI is going to … What is right now a gap between the good and the bad, the quality and the non, is going to become an absolute chasm, right? An absolutely mountainous gap between the best firms and the firms who are able to adapt this technology or this AI. And the same thing at the advisor level, between the AI-enabled superpowered advisor versus those who are in the dinosaur ages, for lack of a better term. Mindy Diamond: Yeah. And we’ll move on, but it is worth saying that the day of the standalone independent, the one man or one woman band who hangs out a shingle, and to use your term, running a lifestyle practice, nothing wrong with that, but it would be near impossible to imagine a world where a standalone independent can compete with a private-equity-backed RIA or an RIA that has a big pool of capital behind them or to compete with the major firms. And our point is the ability to compete is probably more important with respect to this topic than just about any other. Jason Diamond: Totally agree. Thank you for tying a bow on that because I think that’s a good place to leave the AI topic, at least for now. I’m certain we’ll have more to say on this one. By the time we release this episode, we’ll probably have more to say on it. So we’ll have to do a follow-up again. But I want to talk now about enterprise value. And this is one where if you’re an RIA or if you’re an advisor at an independent firm, this might sound like a duh, but hear me out on this one. The idea is as follows, if I’m a wirehouse advisor or any sort of captive advisor, I don’t technically own anything. Agree? Mindy Diamond: Agreed. Jason Diamond: Okay. So if that’s true, that I don’t technically own anything, I technically don’t have any sort of enterprise value or ability to monetize. But my premise here and why I would argue that enterprise value has become a driver of movement is even wirehouse advisors know … They see teams like OpenArc, a massive RIA that launched last year. They see their corner office peers breaking away, starting independent firms. They see them selling to asset managers, private-equity-backed RIAs, private equity firms in their own right for these massive multiples. And what I guess I’m getting at, and I’m curious if you agree is, if a wirehouse advisor, let’s say, sees their colleagues sell to a private equity firm for 20X, doesn’t that have to become a little bit of a catalyst for movement in its own right? Mindy Diamond: Without a doubt. Historically … Actually, let me date myself. When I started this business now 32 years ago, there was zero way for an advisor who was a captive employee of a firm, of any firm, to monetize their business. It’s why there was so much movement, because the only way they could monetize was to get paid a big fat transition deal to move from one firm to the other. Jason Diamond: Yep. Mindy Diamond: Obviously, we all know that first it started with the big firms, and then just about every brokerage firm on the street began to offer a retire-in-place program. And that is the big firms or a traditional brokerage firm’s way of allowing advisor to monetize in place from their perspective to stave off attrition. And for an advisor that believes that the status quo serves them well, that finishing their career, that leaving their legacy, that leaving their team at their firm is the best thing to do, then those retire-in-place programs, like Merrill’s CTP or Morgan’s FAP or UBS’s Alpha or a name at every firm has them, is the best gift to advisors there is. But the problem is that the next generation at those firms are buying an asset they don’t own. And so when we talk about enterprise value or the desire to build enterprise value as a real driver of movement, what we’re talking about is not only that advisors want ownership of an asset, because ownership translates into more control and autonomy and agency over building it the way you want to, but it also translates into maximizing the value of the business that you’ve built. So that’s a long-winded way of saying that the OpenArc deal you are referencing, for anybody not familiar, is a Merrill Lynch team, a legacy Merrill Lynch team in Atlanta that was managing more than 120 billion in assets, part retail, ultra high net worth client assets, and part institutional consulting assets. And believe me, I don’t want to make it sound like it was a snap that one day they’re happy and the next day they’re going independent. Over a 10-year period became more and more aware, driven by the pushes and more aware of the pulse. But ultimately, while there was a long list of things they wanted to be able to do that they couldn’t to best serve clients and grow the business, the real driver at the end of the day, or I shouldn’t say the real driver, but a major driver was the notion of building and owning enterprise value. Yes, they could have all gotten very attractive deals and retired with your Merrill CTP, but they wanted to own the business, they wanted cap gains treatment. And so they went through the sweat equity big time of building what they’re calling OpenArc for the ability for probably five, 10, 20 years, because there’s partners with all different ages, so at all different times, to be able to really maximize the value of the business they’ve built. Jason Diamond: Can I push back on that for … It’s a super helpful example, but my one thought is, okay, yeah, of course, 130 billion in assets, they should be concerned with enterprise value at that size. And the delta between caring about enterprise value and not is too great because those guys have, by all accounts, a phenomenal business that is rivaled by very few in the industry. Most of our audience does not fit into that stratosphere. So what about advisors in, let’s call it the million to $10 million space? Should they still care about this concept? Mindy Diamond: Again, it’s an inside job. It’s a personal thing. Some don’t. But the answer is yes. And if I were them, I would. Why? Because whether I am generating a million a year in revenue or $10 million a year in revenue, at the end of the day, I’ve got an asset. I’ve built a valuable asset. And I have the choice at the end of the day or the middle of the day to decide a million things about that asset. How do I want to live my business life? How do I want to serve my clients? Where do I want to work? But one of the biggest factors to determining where and how they want to work is, ultimately, do I want to be able to maximize the value of the business that I’ve built? And while there are few things that are really definitive in this industry, the one thing that is absolutely indisputably definitive is that if you build an independent practice like the ex-Merrill Lynch churned RIA OpenArc team did, you will ultimately build enterprise value exponential multiples greater than any way you could monetize the business as a traditional employee. Jason Diamond: And that math absolutely still holds up even at numbers smaller than we’ve mentioned. I totally agree with that. I’ll give you one other reason why I think you should care. And I’d love your thoughts on this one. I’ll ask it two ways maybe. I’ll tell you my take and then I’ll ask you yours. Morgan Stanley, let’s use as an example. Who are Morgan Stanley’s competitors? In my opinion, the legacy answer to that is, well, of course the wirehouses are Morgan Stanley’s competitors. Merrill, UBS, Wells Fargo, what maybe used to be a longer list, but today those four. I don’t think that’s the answer anymore. I think those are the direct competitors. But because of this enterprise value conversation, I think Morgan Stanley’s competitors are anyone and everyone who recruits financial advisors with books of business. Because if you think about it, an advisor who has a $3 million business at a wirehouse, even if they’re not actually going to do this, they don’t have any entrepreneurial spirit, no desire to go independent, they still know that they could. This is an option and a viable option. And firms are even figuring out ways to cut out the middle step, right? Because this was historically a two-step process. You’re a wirehouse advisor or a W2 advisor. You break away, launch an independent business to establish your enterprise value, begin building it, and then you monetize it. If you could cut out the middle step, or even if you couldn’t, I still think it’s pretty clear that if you’re an advisor, this is important because the firms know … Like when Morgan Stanley’s writing a recruiting deal, they’re kept honest by RIAs and acquirers just the same as their direct peer set. Do you agree with that or do you think I’m reading too far into this? Mindy Diamond: Oh no, I agree a thousand percent. I think that it is naive for anyone recruiting for or on behalf of a traditional firm to think that the only competition is another traditional firm. The days of pomposity for a senior leader at a traditional firm to say, “We’ve got the best technology, the best everything fill in the blank. We have no competitors.” That’s just naive. Because even if it’s true, you’ve got the best platform infrastructure fill in the blank, there is a multitude of advisors that value things different than what you can provide. Beauty is in the eye of beholder is probably a good way to say that. But at the end of the day, what we’re really talking about is when I started the business, because there was no way, no really good way for an advisor to really monetize their life’s work, the only thing they could or were focused on from a personal financial gain perspective was the short-term deal. What are they paying? What’s the transition deal? Now, of course they’re concerned about that. But almost to a person, they’re equally concerned about what I can build and what will this allow me to build in terms of the value of the business I’m building in the long term. So let me ask you, if we’re talking about an advisor that has the ability to monetize in the short term for what could be 4X and in some cases more than that these days, and we’re talking about the ability to maximize enterprise value, and we talk about the concept of moving once and monetizing twice, what kind of numbers are we talking about? Fill in the blanks there. Jason Diamond: It’s such a hard question to answer because I do genuinely believe recruiting deals, when you talk about 300 to 400% revenue deals in the recruiting space, they vary a little bit, but I feel pretty comfortable quoting those types of numbers that most firms are somewhere in the 300 to 400% of T12 realm. There are some outliers, we mentioned UBS. But the multiple or EBITDA based or enterprise value M&A market where we’re doing these legitimate buyout transactions, the valuations do vary quite a bit. But here’s how I think about it. First of all, most firms are not purchased or sold at top line revenue. Most are sold at some sort of adjusted EBITDA number, which factors in local expenses, platform expenses, but also advisor compensation. And then that adjusted number is typically multipled. The multiples are anywhere from 8X for small kind of, let’s say, million dollar revenue businesses up to, we’ve seen deals struck at north of 20X for some of these mega cap RIAs. Typically, just back of the envelope, if I had to quote, I typically estimate around 5X top line at capital gains is a good kind of ballpark valuation. But there is quite a bit of nuance to it, more so than the traditional recruiting space. And I do think, shameless plug, part of the value in working with somebody who’s an expert on the entirety of the industry landscape is just that. It’s the idea that you need to run the horse race across multiple verticals. The good advisors who work with us typically are looking at a wire like a Morgan Stanley or a Merrill. They’re looking at a boutique firm like a Rockefeller, or they’re looking at a regional like an RBC or a Ray J. They’re looking at an independent firm like an LPL or a Sanctuary. They’re looking all across the spectrum. Mindy Diamond: I think that’s exactly right. But the topic of enterprise value, you can see how powerful it is and how wise it is. For an advisor today, when considering their personal economics to consider not just the short term, but to weigh in or add in or factor in, what could I be building and what ultimately will that business be worth at the end of the day? Jason Diamond: Yeah, 100%. Short of going out and selling your business, what can advisors do then? So I’m an advisor, okay, I’m curious about this. Or is it just as simple as, “Yeah, you should know what your business is worth if you’re an advisor”? Mindy Diamond: Definitively yes, because I mean, we always believe that knowledge is power. And just like it’s important for you to understand what your options are within your own firm, how can I ultimately retire out and monetize my business where I am, I think it’s really hard to make a decision in a vacuum without having other perspective. And getting other perspective doesn’t have to be that you have to go out and take 20 meetings. It’s not that hard for you to figure out what your business is worth to make it a data point for whether or not you’re ultimately best to retire in place or go elsewhere. Jason Diamond: Yeah, that I think is the main takeaway. And the education point is so important. I think because these are relatively new concepts for a lot of advisors that haven’t formally shopped a business before, there’s a lot of resources available. And we’ll certainly link some as well on the page for the episode. Let’s shift gears now, our kind of final trigger 2.0, which is stability and ownership structure of the firm. And this has been a little bit of a hot topic. It’s honestly been a hot topic every year because it seems like things pop up every year. And a lot of times advisors don’t reconcile the question of who owns the firm or how stable is the firm until something happens. The firm gets bought, the firm goes bankrupt, like the First Republic scenario. What should a good advisor do proactively about the idea that if you’re a W2 employee or even an employee who’s affiliated with a broker dealer, you saw this with Commonwealth, you just don’t really have control over what the firm decides to do. Give me your thoughts on this. I know it’s a big topic. Mindy Diamond: Yeah. First of all, using Commonwealth an example, it’s a good one. Because for those unfamiliar, Commonwealth is a boutique broker dealer that was privately owned and whose tagline was, “We love our privately owned status and we are never going to sell,” until one day they did. And not only did they sell, but they sold to the biggest independent broker dealer in the country, ala LPL. That’s not good nor bad, it’s just a fact. So if Commonwealth, who had definitively said we’re never up for sale, suddenly sells, any time you’re an employee of a firm, you never know what tomorrow brings in. You’re not in control over whether it’s sold. So that’s one example. But as you’re talking about this, I’m thinking about, I’m probably going back 20 years, so I’m 10 years into my career and I talked to someone who had been a very successful Merrill advisor. So I’m going to say he was probably generating around $5 million in revenue at the time. Going back 20 years, that’s a pretty significant book of business. He was courted for years by what he thought was a top RIA. And in those days, remember 20 years ago, the RIA space wasn’t nearly as mainstream as it is now. But the story the RIA told him was that ultimately, one, he was going to be a partner in the firm, that was very appealing to him. So he was going to have equity in the firm and much more freedom and control. And locally, by the way, the RIA was a really high quality brand. He worked on a lot of the economics, the short term and the long term with them. They did a ton of due diligence on his book of business. But he failed to ask … And I didn’t represent him. I just know this story. He failed to ask or do enough due diligence about the stability of the firm. What we think is really important, we talk about this expanded landscape. If you’re looking at Morgan Stanley, I don’t think you necessarily need to see Morgan Stanley’s balance sheet. If you are talking to a firm that is anything but a bulge bracket or anything but a large firm, it’s really important to do what we call reverse due diligence and to really understand if a firm expects you to open your kimono and show everything about your business to prove your worth, it is equally important that you do the same for them. In this new world order where private equity has come in and there are so many different ways for a firm to be owned and to be capitalized, it’s very important that an advisor understand what’s going on behind the scenes. And one of the questions around stability, if a firm is private equity backed, is it permanent capital? Is it patient capital? Is the private equity firm going to look to sell and monetize in five years? And then who would the likely buyer be and what does that mean for you? So the question is a big question and it’s really important. Jason Diamond: I love everything you just said, except I do think even the wirehouses, wirehouse advisors, honestly, as much as anybody should be asking these questions. And I’ll give you an example right now, UBS. And UBS, it’s not a story of balance sheet stability. I don’t think anybody has concerns that UBS is going to fail. But UBS management has been very publicly, “Oh, we’re cutting costs.” There’s been some rumors, I think for years, probably dating back 30 years to when you started the business about UBS’s commitment to the US wealth management business. I think those questions about stability and ownership structure are still valid. And to me, the implication of it is twofold. One, what you said, reverse due diligence, ask the questions, plan B. But also the concept of the exits or the off-ramps or how many bites of the apple do you get. So if you’re an advisor and you sell your business to somebody and you sign garden leave and non-competes and non-solicits, the question of ownership structure of that firm becomes less relevant because you have no off-ramps and no ability to exit that business anyway. A lot of times that’s how advisors get comfortable with this concept. And that’s what firms will tell them too, frankly, and we’re living through the middle of this, by the way, with Commonwealth and LPL, is vote with your feet, right? To the extent advisors can, the offer … And this is like, you used the example of private-equity-backed firms. This is how Rockefeller addresses the question of their private equity ownership. If we sell to UBS, all of our advisors will leave. They have that built-in put option. So knowing where the off-ramps are or how many bites of the apple an advisor gets, I think is a big concept that ties into that. But we’re absolutely seeing this pop up, probably largely because of those two examples, Commonwealth and UBS this year, more so Commonwealth, to your point. Janney’s another example last year or two years ago now where KKR comes in and buys Janney. So when these examples happen, it seems like it triggers advisors to say, “Is this something that could happen to me and should I be thinking about this?” Mindy Diamond: Yeah. So let me ask you a question. You’re talking, you’ve mentioned UBS offering this outsized deal. So how does the notion of stability and ownership factor in? If an advisor is considering an unprecedented deal from UBS, what are the caveats or concerns with respect to stability and ownership? Jason Diamond: It’s the same list of considerations you should and would ask of any other firm you’re diligencing, except I think amplified even more in the case … If I was counseling an advisor who was looking at UBS, that would be what I would say, is exactly that. You’re seeing all of these departures and defections, and I would want to have conversations with those advisors and understand exactly why and have guarantees or assurances that I’m not going to suffer from those same pain points that force them to leave. Or, and I say this a little bit flippantly, but it’s a little bit true, I understand the devil that I’m getting into bed with, but for 550%, or whatever the deal might be, I can suck it up. And that’s something that some advisors might well say as well. Mindy Diamond: Yeah. Jason Diamond: I don’t want to end on the negative note of overly large transition, not there’s anything wrong with large transition deals, but as you look out, is there anything that’s coming up in your conversation with advisors that you view as the next wave of this? I’ll give you one that maybe you could touch on, and if you have another one, feel free to offer it in conclusion, but do you think age or advisors starting to succeed out of the business will become more of a driver of movement, even though to your point, advisors can access sunset deals? Mindy Diamond: I do actually, because I think the more the average advisor age increases, the more likely that those advisors are going to want to move on to do something else to monetize the business. And so much of the wave of movement we see is driven not so much by the senior advisor, because many seed advisors are happy enough with the ability to monetize their business in place. Even though it may not maximize the value of the business, it’s a close enough approximation and it means I don’t have to disrupt the apple cart. So we support that 100%. But where we get the calls is from the next generation that says, “Yeah, but hold on a minute. It’s a good way for me to take on a book of assets that I not otherwise have access to. And it’s great for my senior partner, my father, my mother, my whatever to monetize the business. But I’m buying an asset again that I don’t own and I ultimately don’t have control over all these things we’re talking about, the AI investment, the ability to create enterprise value, the stability, the cost cutting, all of it.” So I think it’s all of the above. You say, “What else is there?” I think that’s it. It’s all of the above. It’s anything and everything that drives movement. One, it’s personal, it’s highly unique, it’s different for every advisor. There are certainly themes, and we’re talking about them, but there’s a million different things. It’s personal. And while there are an awful lot of pushes, things that can frustrate an advisor, it is the most exciting time in our view to be an advisor, particularly a high quality one, because the options abound, the ecosystem is big, because the ability to monetize both in the short term and the long term is big, mammoth, exponentially bigger than it ever was before. And the true ability to really build an enterprise has never been greater. And I think all of those things, the desire for an advisor to be the best that they can be and live their best business life is probably the biggest driver of all. Jason Diamond: It’s really true these days, if you can dream it, you can probably build it. And we’ve said in the past, if you build it, they will buy it. It’s a great place to end. This was a really fun topic. I think that’s a spot on kind of fourth trigger, by the way, too. This sort of next gen is almost like the force multiplier or the amplifier of like they see all this other stuff and they’re asking these questions even more so. Because if I’m 60 years old, none of this matters all that much. It matters, but I’m out of the business in five to 10 years. Versus the next gen advisors are the ones who often bear the brunt of this. So I think a lot of really smart stuff. Thank you for sharing your wisdom and expertise. In the episode page, we’ll be sure we have our Industry Transition Report. And we’ve also created a tool, the top 10 tips for a strategic due diligence process, which is a great kind of practical hand-in-hand companion for this topic for advisors looking for more pointed tips on the due diligence process. So Mindy, thank you again. This has been a blast. Mindy Diamond: My pleasure. Thank you. Jason Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. 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. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. 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: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done.

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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With Nick Hubert and Taylor Gentry—Founding Partners, Panoramic Capital Partners Jason Diamond speaks with Nick Hubert and Taylor Gentry of Panoramic Capital Partners about helping business owners align personal significance, wealth, and business value through a long-term advisory framework. In Summary Many advisors who work with business owners focus on managing wealth after it is created. Nick Hubert and Taylor Gentry argue that the greater opportunity is helping clients create, preserve, and align value long before a liquidity event occurs. In their conversation with Jason Diamond, the founders of Panoramic Capital Partners discuss how concepts borrowed from private equity – including accountability, reporting, capital allocation, and long-term planning – can help advisors become more valuable partners to entrepreneurs. The result is a different framework for advising business owners: one that places personal significance, personal wealth, and business value on equal footing and measures success over decades rather than by transactions. The Storyline Most business owners spend years aligning their companies around a mission, strategy, and long-term objective. Far fewer spend the same amount of time aligning their business, wealth, and personal lives around a common destination. Nick Hubert and Taylor Gentry believe that true alignment begins when business owners stop viewing those decisions separately. As founding partners of Panoramic Capital Partners, they have built a firm designed to engage earlier in the entrepreneurial journey. Their framework centers on helping business owners define a “north star” that balances three interconnected dimensions: personal significance, personal wealth, and business value. The conversation explores how that framework evolved from Taylor's experience in private equity and Nick's background in consulting and wealth management. Rather than viewing private equity solely as a source of capital or a transaction event, they examine what advisors can learn from the systems, reporting structures, and accountability mechanisms that private equity firms use to create value over time. Jason and his guests discuss why many business owners struggle to connect financial, operational, and personal objectives; how advisors can serve as a true personal CFO; and why alignment often matters more than maximizing the next transaction. The discussion also turns inward, examining how the same principles influence Panoramic's own growth decisions, their views on acquisitions and private equity investment within RIAs, and what the industry must do to attract the next generation of advisory talent.   > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why do many business-owner relationships begin too late? (13:10)Nick explains why focusing primarily on liquidity events can create misaligned incentives and why advisors may add greater value by engaging earlier in the wealth-creation process. What does Panoramic mean by a “north star” framework? (16:40)Taylor outlines the firm's approach to aligning personal significance, personal wealth, and business value into a unified planning and decision-making framework. How can advisors apply private equity thinking without becoming private equity investors? (18:11)Taylor describes how institutional reporting, accountability, and value-creation systems can help business owners improve outcomes regardless of whether a transaction ever occurs. Why did one client walk away from a successful deal? (19:45)Nick shares the story of a business owner who discovered that selling the company would solve the wrong problem and why redefining success led to a better outcome. Is private equity misunderstood by many business owners? (26:26)The conversation explores how private equity often functions as a “black box” and why advisors can help clients evaluate opportunities more objectively. How does Panoramic structure its pricing to reduce conflicts of interest? (30:52)Nick discusses the firm's effort to align compensation with client outcomes rather than asset gathering alone. Should RIAs pursue acquisitions and private equity capital? (32:20)Taylor and Nick explain how they evaluate growth opportunities through the same long-term framework they use with clients. What role will AI play in the future of advisory firms? (40:14)The discussion focuses on balancing efficiency gains and enhanced client experiences with the responsibility to protect client trust and security. Topics Covered Business-owner advisory models Personal significance, wealth, and value Entrepreneurial wealth creation Private equity frameworks Business value growth strategies Capital allocation decisions RIA business building Advisor compensation alignment Artificial intelligence in wealth management Next generation advisor talent Key Takeaways Many advisors focus on the liquidity event, while business owners often need guidance throughout the entire value-creation journey. The most effective business planning frameworks connect personal goals, financial objectives, and enterprise value rather than treating them separately. Private equity's greatest contribution may not be capital itself, but the systems and accountability structures used to create long-term value. Business owners frequently pursue an exit when the underlying issue is a misaligned relationship with their business, rather than a desire to stop owning it. Advisor compensation models influence behavior, making alignment between pricing and client outcomes increasingly important. Growth through acquisitions can be valuable, but only when it supports a firm's broader vision and long-term objectives. AI has the potential to improve advisor efficiency and client outcomes, but trust and security remain the non-negotiable constraints. https://youtu.be/_Fhic8CxtCs Quotable Moments “Growing businesses create value. The transaction is not the value creation event. The business itself is.” “The reality is that many entrepreneurs don't want an exit. They want a different relationship with their business.” “Private equity is often treated like a black box. Most people don't actually know what it is or how it works.” “The best thing I can do for my clients is still be in the seat 30 years from now.” FAQs How can advisors create more value for business-owner clients? Nick Hubert and Taylor Gentry argue that advisors can create greater value by engaging earlier in the entrepreneurial journey. Rather than focusing primarily on investments or eventual liquidity events, they discuss helping clients align business strategy, capital allocation, personal goals, and long-term wealth creation. How does Panoramic Capital Partners work with business owners differently from a traditional wealth management firm? Rather than focusing primarily on investments or eventual liquidity events, Panoramic seeks to partner with entrepreneurs throughout the business ownership journey. Their approach incorporates business strategy, value creation, capital allocation, and long-term planning alongside traditional wealth management services. What is the “North Star” framework discussed in the episode? The North Star framework serves as the foundation for Panoramic's advisory process. It helps business owners define long-term objectives across their personal lives, financial goals, and businesses, creating a shared reference point for major decisions over time. How can advisors apply private equity principles without working in private equity? The discussion highlights how advisors can borrow many of the operational disciplines commonly used by private equity firms – including reporting systems, accountability structures, performance measurement, and strategic planning – to help clients create value regardless of whether a transaction ever takes place. Why do some business owners choose not to sell their companies? According to Nick and Taylor, many entrepreneurs discover that they do not actually want an exit. Instead, they want a different relationship with their business. In some cases, improving management systems, leadership structures, and operational accountability can achieve that goal without a sale. What are the advisors' views on AI in wealth management? They see AI as a potentially powerful tool for improving efficiency and enhancing client deliverables, while emphasizing that client trust, data security, and responsible implementation remain more important than being first to adopt new technologies. Nick Hubert and Taylor Gentry argue that advisors can create greater value by engaging earlier in the entrepreneurial journey. Rather than focusing primarily on investments or eventual liquidity events, they discuss helping clients align business strategy, capital allocation, personal goals, and long-term wealth creation. Rather than focusing primarily on investments or eventual liquidity events, Panoramic seeks to partner with entrepreneurs throughout the business ownership journey. Their approach incorporates business strategy, value creation, capital allocation, and long-term planning alongside traditional wealth management services. The North Star framework serves as the foundation for Panoramic's advisory process. It helps business owners define long-term objectives across their personal lives, financial goals, and businesses, creating a shared reference point for major decisions over time. The discussion highlights how advisors can borrow many of the operational disciplines commonly used by private equity firms – including reporting systems, accountability structures, performance measurement, and strategic planning – to help clients create value regardless of whether a transaction ever takes place. According to Nick and Taylor, many entrepreneurs discover that they do not actually want an exit. Instead, they want a different relationship with their business. In some cases, improving management systems, leadership structures, and operational accountability can achieve that goal without a sale. They see AI as a potentially powerful tool for improving efficiency and enhancing client deliverables, while emphasizing that client trust, data security, and responsible implementation remain more important than being first to adopt new technologies. Related Resources Finding the Shortest Path to Excellence Can Be a Game Changer for AdvisorsDoing everything you can to deliver better service, drive growth, and achieve your goals faster can result in extraordinary benefits. Why So Many Successful Advisors Feel StuckThey've built thriving businesses. Strong production. Loyal clients. Growing teams. So why do so many successful advisors quietly wonder, “Why doesn't this feel as good as I expected?” This episode tackles the psychology of success and what comes after it. Top Tips for Setting Your Business Up for Success Years Before a MoveEven if a move is years away—or just a possibility—it's never too soon to start preparing. These insights will help you position your business and team for success, whenever the time is right. Guest Bios Nick Hubert is a Founding Partner at Panoramic Capital Partners, where he works with business owners, founders, and families on the integration of personal wealth and business decisions. His focus is on the moments where the two sides converge, growth, capital, liquidity, and long-term planning, and helping clients see the full picture in one coherent strategy. Nick began his career in investment banking in New York and management consulting in Seattle before moving into wealth management in 2016. He has also helped lead several commercial real estate development projects, giving him a hands-on understanding of how to build and maximize value in private investments. A native of Portland, Oregon, Nick lives there with his wife, Kaitlin. Outside of work, he’s usually backcountry skiing in the Cascades, cycling, or trail running across the Pacific Northwest. Taylor Gentry is a Founding Partner at Panoramic Capital Partners, where he works with business owners, executives, and families whose wealth is tied to illiquid assets, operating companies, real estate, and private investments. His role is to translate business performance into clear financial decisions and pressure-test those decisions before they become expensive or irreversible. Before Panoramic, Taylor spent his career in investment banking and private equity, and served as CFO at several operating companies. That blend of advisory and operating experience shapes how he approaches the work: focused on fundamentals, tradeoffs, and execution. At Panoramic, Taylor acts as a Personal CFO for clients, connecting business performance, personal balance sheet, and long-term planning into one coherent strategy. An Oregon native and University of Oregon graduate, Taylor lives in Missoula, Montana with his wife, son, and daughter.s NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… True Alignment: Advising Business Owners on Wealth, Significance, and Value A conversation with Jason Diamond, Nick Hubert and Taylor Gentry – Founding Partners at Panoramic Capital Partners. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is True Alignment: Advising Business Owners on Wealth, Significance, and Value. It’s a conversation with Nick Hubert and Taylor Gentry, Founding Partners, Panoramic Capital Partners. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Advisory firms that work with business owner clients typically operate through a fairly traditional wealth management lens. The business may be the source of the wealth, but the advice itself often centers around investments, planning, and asset allocation, yet Panoramic Capital Partners approaches that equation differently. Nick Hubert and Taylor Gentry are the founding partners of the roughly $450 million RIA, serving about 150 families with a seven-person team. And while they come from very different professional backgrounds, Nick with more of a relationship and storytelling orientation, Taylor from the analytical and private equity side, they’ve built the firm around a shared philosophy tied to what they call personal significance, personal wealth, and personal value. A big part of that philosophy, or the north star as they put it, is applying some of the same accountability and long-term thinking frameworks commonly seen in private equity to the advisory relationship itself, not in a transactional sense, but in helping clients think more intentionally about decision-making, alignment, and outcomes over long periods of time. As a result, our conversation delves deeply into the private equity world, reframing how clients and advisors should consider this important tool as both a growth mechanism and a strategic part of their client’s plans. We talk about how that perspective also shapes not only how they think about serving business owners specifically, but also the role private equity should play in wealth management. Then we take a view of their long runway and how they and other younger advisors might see things differently about building firms today and why clarity of vision may matter more than sheer scale in the years ahead, and much, much more. It’s a narrative that is refreshing and informative, so let’s get to it. Taylor, Nick, thank you so much for joining. Walk us through your background. What brought you to the world of wealth management? Nick, let’s start with you. Nick Hubert: Sure. I think I got my first taste of the industry actually in a sophomore year of college internship, or I interned at Morgan Stanley here in Oregon. I studied finance and accounting at University of Oregon, and so I had this affinity for finance and markets and had that privilege of having that internship. So I had it early on in my career. Ultimately ended up setting my sights on doing investment banking and going that route and did that for a short period of time. Ended up not going very long due to a medical reason, so you don’t have to be that sorry for me. And ultimately started my career in business consulting before pretty quickly realizing that I want to get back to finance, back to investing these things that just felt like core competencies and that thing that you keep coming back to when you’re alone in the middle of the night thinking about stuff, it was always that. Just had this desire to work with smaller units than large corporations, which is great for wealth where you get to work with families and small businesses. And so it was just a natural alignment that took me back full-time to the space in 2016. Jason Diamond: I like the framing it through the size of the unit you’re working with and having more of an impact on the family. Taylor, what about you? Taylor Gentry: I’m a little more circuitous, if you will. Spent a couple of years in investment banking, so you can be sorry for me. Nick and I met in undergrad at the University of Oregon, had the opportunity to work in this investment group together where we were investing a portion of the university’s endowment. And like Nick, interned in wealth management and kind of walked away from it going, “Boy, that’s boring. I don’t really like that.” And so moved to New York, cut my teeth in banking for a couple years and we were working… So an investment bank for context, helping companies raise debt, raise equity, and with mergers and acquisitions, we’re working with huge companies. So the Mattels of the world, the largest toy company in the world. Like Nick, realized, “Hey, I’m going to work with smaller companies that we can get our arms around a little bit better and be more helpful with and have a bigger impact on.” So spent about 10 years with a private equity firm in the western half of the US and we invested in companies in what’s referred to as the lower middle market. So companies doing 50 to 300 million of revenue. And we would invest in those companies, grow those businesses and then look to sell them. Awesome experience, learned a ton, got a bunch of experience around how to invest in companies, how to grow businesses. Then had the opportunity to step into the CFO seat of a couple of different operating companies during that time. It was just a great learning ground, but also to see a whole bunch of different situations. Nick and I have always invested in things together. We’ve worked on things together and we’ve always wanted to work together full time. And a few years ago, the stars really just aligned to say, “Hey, what would it look like to create a differentiated offering in the wealth space where we can blend my background on companies, transactions, how to draw on scale and all those pieces and really marry that with the wealth management piece?” And Nick will get into that further, but it’s just a really unique way to partner with families and companies that are smaller which can have a really high impact experience with those families and really move them through their life journey, if you will. Jason Diamond: Yeah, there’s a lot to unpack there and we’ll get to some of the elements of how you run the business today. First of all, you can’t fool me by using a toy company as your example to make investment banking more interesting. I’m just kidding. Actually, my real takeaway there is you have a skillset that is incredibly relevant in the current wealth management ecosystem, especially in the model you’re currently in. So let’s talk about that a little. Tell us about your current chapter, which is Panoramic Capital Partners. Who do you serve? What types of clients? Give me some perspective on size as well. Nick Hubert: I'm going to take this first. Taylor can do the PE background side and give you a bunch of numbers. I’ll give you the story and see if we can piece it together that way. Jason Diamond: I get the impression you guys use that line a lot. Nick Hubert: Oh, no, that’s the first time. How’d it land? Jason, I spent eight years at our prior firm with our third founding partner, Andrew, and he was at that firm for 30 years. And so we’ve got this core DNA that we’ve always carried of serving high net worth families in a very holistic and deep planning-based capacity, which I think a lot of modern firms say that. And so that’s not necessarily that different, but it is a DNA that carries through. When we got struck with this vision of launching Panoramic and what inspired us to build the firm, it was as, Taylor outlined, around this idea of how do we partner with entrepreneurs and business owners more holistically across their entire entrepreneurial journey, not just around the exit as is so often where the gravity of the conversation sits. And so our firm vision and inspiration was all around that. And since launching in May of 2024, it has been about how do we bring that vision to life with a different business model. And to your point, there’s a bunch to unpack there, but that is ultimately the founding vision of what we are trying to build here overall and what inspires us every day to say, how do we, as Taylor mentioned, bring the combination of skillsets to bear in a way that allows us to be a better partner along the entirety of the journey as opposed to just towards the end when assets traditionally show up, so to speak? So that’s a story from a vision perspective. Taylor, I don’t know what you want to add to that. Taylor Gentry: As Nick outlined, it’s the ability to work with folks throughout the lifecycle. So in private equity, you invest in a company, you work with that management team for three to seven years and then you sell the business and move on to the next project or deal. And really, it’s the deal mechanic that is the value creation. Whereas, with what we are building here, we have the opportunity to really step along the journey with folks when they are in the early phases building what we talk about as the middle phase of allocating, and we’ll talk about this further, and then really the third phase of stewarding capital along the way. And it’s a life cycle or entrepreneurial journey that we’re able to be hand in hand with folks over decades opposed to measured in three to five year spans. Jason Diamond: So it sounds, and you’ve both kind of touched on this now, your different backgrounds, you view as very much a positive because it gives you, Taylor, the more in the weeds analytical perspective. Nick, you’re probably more the storyteller. Do you find that to be a benefit when you’re running your firm every day? And are there instances when it’s a negative? Is there ever a time when you say, Taylor, just maybe more for you, not coming from this world, you don’t speak the same language? Nick Hubert: Do you want me to drop off the call so Taylor can be honest and he can give you the scoop and then he can jump off and I’ll give you the scoop? Taylor Gentry: Jason, we talk about that a lot, honestly. I think it is atypical for someone with my background to step into the wealth space maybe more so. And we leverage that because we have the ability to work with folks on how do you drive value in the company, how do you set the business up for a potential sale exit or transition internally? But this business, historically, we’ve talked about it as almost like two tracks. You have Taylor on the quote unquote business consulting or the business work track and you have Nick on a wealth management track. It’s really not the case. And really, the power is the ability for these two pieces to come together and there isn’t a conversation we have with clients where those two perspectives and backgrounds or contexts aren’t married into one to create really truly holistic advice. And so Nick will probably tell you otherwise, but I haven’t seen an area yet where our two backgrounds has been a negative. It’s actually been immensely positive. And then on top of it, in terms of kind of building out the firm, Nick is more of a traction visionary and I’m more of the traction implementer. What’s amazing about it from our perspective is the partnership we have allows us to, A, recognize that, B, name it, and then C, leverage it in terms of being able to dole out duties and maximize our success together. Jason Diamond: Nick, anything you’d add? Nick Hubert: I think that’s all right. I mean, Jason, your question was from an operational perspective. I think a lot of Taylor’s view is from a client perspective, which is spot on that the overlap of that is really helpful for clients and I think what allows it to be a different experience for them. Internally, operationally, I think that where you could see friction there amongst partners with differences, and I think you do see that, and at the same time, Google was the one who did team research 15 years ago where they put out what you really want, is similarity and vision and differences in skillset when building a team. And so I think we’ve been intentional about that and it’s been really helpful for… Taylor and I functionally met in a quasi-professional setting back in 2011 and developed a friendship quickly, so we’ve got that deep level of friendship that underpins all of it. And same with Andrew and our time working together. So part of it is there’s just such a strength of relationship amongst us that we give space for each other’s differences and look for those as assets as opposed to negatives, but in some sense, beauty in the eye of the beholder as is the case with anything. Jason Diamond: Yep. I appreciate you adding that context. I’ll be honest that when I first encountered your firm, my reaction was your core value prop of serving business owners is not all that differentiated. And then I learned more about the way in which you serve business owners. Can you talk about that? Because a lot of advisors in general, but then I think more specifically, a lot of RIAs would say, “We service primarily business owners.” Tell me how do you do it in a way that’s different and meaningful? Nick Hubert: I’ll take a first stab at that and then Taylor can maybe add on with specific stories. The wealth space is an awesome business and it’s a place where it’s very difficult to differentiate. And so we think a lot about that through the lens of how do we grow this business well for the long period of time to create opportunities for clients and employees. And so we spent a lot of time thinking about that, not only for the sake of differentiation, but also how do we actually just continue to add value to clients? Because if we add value in a different way, growth will take care of itself. I’d say one way of cutting that is we revisit the mission is through this idea of, okay, if I want to be a partner along the journey, it’s about more than a single transaction, more than a single exit, whatever that might be, or a series of transactions as wealth is often created over a series of transactions. It’s this idea of how do we focus on wealth creation and driving business value as the engine of wealth creation for entrepreneurs and what we call personal significance, which is the life of the entrepreneur. And so there’s a next click down framing of our framework that we work through that lens. I think the most important piece for us has been how do we build a business model that actually brings that to life and that’s the trick because we can say that, and if we basically still just operate out of an AUM-based or an asset advisory fee-based business, the reality is my incentive is still towards getting assets out of the entrepreneurial environment, so to speak, into a place that I can manage them, which may or may not be the best thing for the entrepreneur based on where they are at. And so our current work continues to be around how do we build that business model. So layering in different ways of engaging, whether it’s a retainer fee or some other way of engaging so we can start earlier when assets aren’t there and actually encourage the entrepreneur, “No, keep reinvesting in your business. It’s your highest rate of return right now and it’s where the investment needs to go.” I don’t want to have a conflict in giving that advice. And so I think step two here has been building that business model from an actual engagement perspective to enable us to enact the vision. And then I think the third piece is how do we then build tools that are different than just evaluating pre-exit planning, and as is so often, the toolkit, but actually saying, okay, what are the value drivers of a business? And this is probably where Taylor has a lot more to add because it’s 101 of the PE model, but how do we take the mission and vision of an entrepreneur, what we call north stars, translate those into value drivers, ensure those tie to strategic initiatives in the business, ensure it ties to reporting, and ultimately, how capital is allocated between the business and other investments? So then that’s our toolkit that we continue to build out to deploy the mission through our business model with tools that back it up. So that’s how we frame it right now. Taylor, we can share stories about how that’s come to fruition to create different outcomes. Jason Diamond: Taylor, I’d love to hear that. Let me just add maybe my understanding, because this is what helped me, I think, to really understand how you defer, and Nick and Taylor, correct me if I’m wrong, it sounds like the typical advisor thinks about an entrepreneur, a business owner relationship as the next liquidity event in most cases. And you take the viewpoint that it’s a journey, in some instances, 30 years in the making. It’s not even about liquidity event might come that’s beside the point. Is that a fair summary? Taylor Gentry: Yeah. We talk about it as a growing business is a healthy business, a business that is creating incremental value and adding to the multiple in terms of how the business is valued in the marketplace is a healthy business. And so whether you are going to sell that business or retain that business into perpetuity, let’s make a really valuable business and grow a very healthy business. And that’s what we do with clients. Nick laid out the north star framework. And so how do we actually go about engaging with folks on a practical level? It does start with the north star framework. It’s got five steps to it as Nick outlined in terms of defining the north star, where we’re going, what we’re trying to do and that’s across those three pillars, personal significance, personal wealth and business value. And that personal significance has to be held at that same level. Otherwise, we find folks that are mid 50s, their business is crazy valuable, they’ve got a lot of dollars, but their family life isn’t where they want it to be because they didn’t take care of that along the way. So we lay out a place map that says, “Hey, these are the north stars that we are aligning on and coming back to every month when we work with these owners.” We then push that into, okay, what are we trying to do on the business side of the equation? Let’s lay out what is going to drive the value of the business from a multiple and enterprise value perspective. We push that into a set of strategic initiatives that is tactical, who owns what, when’s it getting done, and are we red, yellow or green on it? We then build out the performance reporting package with folks. And so that is a monthly reporting package that says what happened last month and what operational data are we looking at to be able to improve the business month over month and get a good feedback loop going into the company. And then the last piece is around capital allocation that Nick mentioned where if the business generates a million dollars, where’s that capital going? I think there’s a lot in there and it’s really deep, but if you zoom all the way back out, it’s take a private equity style playbook where private equity firms come and invest in a company. And what do they do after close? They put in place good financial reporting, good operational reporting, and then hold the team accountable to that reporting and those results on a monthly, quarterly, and annual basis. And so this is not rocket science or something that’s never been seen before. It’s just most business owners that have never experienced this private equity world don’t have access to it and don’t know how to go about doing it. It’s a relatively long process to get that installed with companies and with teams to really dig in and understand it, but it’s building out those packages to be able to say, “Okay, what happened last month? What changes do we need to make and what are we doing from a initiative perspective to drive the business forward?” So to Nick’s point, it was previously, this was all about liquidity planning or from a wealth management perspective, it’s about the exit. This is about how do we make a more valuable business along the way, and that’s going to be good for the entrepreneur as they move through the journey. Nick Hubert: When we were around the dinner table, the proverbial dinner table creating the vision of this firm, it was around this idea of the silver tsunami and everything that everybody reads in the headlines of this massive wave of transition, this generational transition of business ownership that we could help facilitate. So we launched with that thesis in some sense. In addition to this broader journey perspective, we have gotten to this place by following the market and listening to what entrepreneurs actually want through the big unlock was honestly in a deal process with one of our clients where we realized, “This is a great deal. This person’s going to put a ton of money in their pockets, secure their future,” and it’s completely the wrong outcome for the entrepreneur because it’s thinking all about the deal, not thinking about what this person didn’t want was an exit. They wanted a different relationship with their business, and that required, what do you actually want out of life, that personal significance piece? And it required, “Hey, if we can actually create a layer of team members and reporting that allows you to manage this like a board chair would do as opposed to a highly engaged CEO. That’s actually what you want. You don’t want out of this business. You want to still have this be a huge rock in your life.” And so we’ve ran through that door, said no to the deal with them and have been building the infrastructure around this, and that was the unlock and aha moment for us. There’s something bigger here and that’s what then inspired, in some sense, the broader build out of the toolkit, but I think puts more meat on the bone of actually saying no to a deal, which is not the classic wealth manager outcome to get to a way better outcome for the client and is ultimately still an awesome client for us as a firm and somebody that we can go build with for the next 20 years. I think just telling it through the lens of a story that’s different than what’s normal, so to speak, is a way to frame that up. Jason Diamond: It’s such a hyper focus on a fairly long-term and honestly nebulous potential outcome. You don’t have certainty. That, I think, is why most advisors would prefer the near-term liquidity. I mean, it’s not a secret, right? You can bill on assets, firms are incentivizing it and it’s a pretty direct recipe to net new asset growth, but it’s certainly a refreshing point of view. It resonates with me. I’m wondering if it’s resonated with clients and prospects. I guess what I’m asking is, do they feel that this is something different than the typical wealth management experience for this type of client? Nick Hubert: Yeah, Taylor, tell that story of the guy who said, “I’ve had this, but I felt alone.” I think that story of partnership, you tell pretty well. Taylor Gentry: Yeah. Jason, it was actually that same client, he had a investment banker, a wealth manager, attorney, and a CPA. CPA said, “The deal’s terrible, you shouldn’t do the deal.” Investment bankers obviously incentivized to do the deal. And so he’s saying, “You should do the deal.” That’s how he gets paid. He had a wealth manager who was silent and he had an attorney who just pushing paperwork. Jason Diamond: It’s like the start of a bad joke. Taylor Gentry: Yeah. No, seriously, it’s pretty remarkable. It’s like this guy did what he was supposed to do. He put the team of resources around himself. He got professionals in the seat. It’s that no one could connect the dots of all four of those people because they have the seat of those four people. And so it’s really resonated because there’s an ability to see a bigger picture and connect these dots and say, “Okay, this investment banker is saying X because of A, B and C.” And the CPA is saying it’s a bad deal and that it’s not a market deal. It’s 100% a market deal. This deal is right down the fairway in terms of what the market should value your company at and they just don’t understand how the transaction mechanics should work. And so it’s worked really well from that perspective of being able to be the quarterback or centralized point or personal CFO for folks in understanding where interests lie and also being able to think about what they are pursuing in a bit of a different lens. I think the second piece on that is where does it resonate for folks? I think that there is a gap in the marketplace that we are still working to close, and that gap is that business owners do not know what this monthly reporting package looks like. They do not know what really good reporting on their business looks like in terms of they have always run their… You’ve got a business owner. They’ve run their business for 10 or 20 years. They have a pulse on the business from their gut feel. That does not mean that the business has been optimized, is ready to go to the next level or is ready for a transaction and go through a transaction because they have not done the work on the backend to understand the moving pieces of the business at a granular level. This recording package, we oftentimes get this confusion around, well, I’ve got a temporary CFO or a controller or X, Y, Z. That is very different than what we’re talking about. Well, that is all accounting, close the books, have clean numbers. What we’re talking about is how do I marry operational data in the business, number of units ships, number of jobs completed, time on job, operational data to the financials in the business so I can then go make adjustments operationally on how to improve the business and continue taking steps forward. Jason Diamond: It’s very clear. Nick, anything you’d want to add to that? Nick Hubert: I’d say it’s easy to still cut that from a deal lens and say, look, when an investment partner comes to evaluate a business to sit in their seat for a moment, they’re going to look at the replicability of what that leader has done without that leader still in the seat. And if so many businesses are still reliant on that person and this gets talked about as processes, reporting systems, that ultimately results in a discount to the value of the business because although it can be viewed… For the leader, it’s like, it’s that control thing that entrepreneurs deal with. It’s what made them good. It’s what got you there. And so that transition is really hard. And that’s important from a deal lens because that does a direct impact to value. And to widen out the scope beyond the deal and to think about the entrepreneur’s life, this goes back to the dynamic that a lot of times entrepreneurs look for the exits because they’ve built something that it’s now owning them and what they’ve built is not resulting in the life that they want. And so how can we use this system to actually change that relationship, as I mentioned earlier, with the business so that they can run it more like an executive might and get out of the knife fight, so to speak, that often is how this can feel for a lot of folks, even for pretty large businesses. It can just feel like you’re a firefighter, you’re in a knife fight, whatever you want to use for that terminology. I think it’s as much about creating a different life outcome and different relationship and owning and leading a business as it is in driving deal value. Jason Diamond: Taylor, maybe I’ll ask this of you. Forgive the question, but private equity, I think in our space, has a little bit of a negative stigma at the moment. I don’t think that’s true across the board. I think people appreciate generally the need for capital and there are certainly benefits of private equity. But I’ll say as a whole, advisors are, let’s say, suspicious of private equity. You ever get that pushback? Does anybody ever view your experience or the way you position the story as a negative? Taylor Gentry: I think most people that we talk to don’t know what private equity is. They may have seen it in the headlines. They may have some sort of connotation around it. They won’t come out and say that they don’t like it. They don’t know why they don’t like it. The average American business owner, they don’t know what it is or what it means. So yes, you do have to fight that because of the headline piece around private equity, bad actor ABC, and that’s what gets the headlines. I think what private equity is really good at is taking a business that is not optimized or not running on systems and processes that it can run on. Again, it's not rocket science is not crazy hard. It’s just the private equity world has created ways to install systems and process that improve the value of the business by way of providing visibility to financials and operations in a way that the owner previously didn’t have. And so for us, we view it not by any means as the end all be all or the answer. There are clients we’ve worked with that have taken private equity capital and grown successfully, executed on some acquisitions and then exited again. There are clients that have evaluated those transactions and said, “Hey, not for me.” We are actually fairly agnostic to it. What we really spend a lot of our time on is what are we solving for? What’s the end game? How do we use this private equity transaction to get to where we’re trying to go and is it what we want at the end of the day? Because the reality is, if you’re going to stay on and run that business with private equity investment in, there’s a higher expectation on what you need to do Monday morning than when you owned it yourself and it was a little bit of your personal piggy bank too. Jason Diamond: I love it because you bring it back to the north star concept. Taylor Gentry: Yes, that’s exactly right. It’s what are we solving for and what game are we playing to be able to get to where we ultimately want to go? And for, as Nick mentioned that client that turned down the deal, it was a private equity investment. We got very clear with that, “Hey, here are going to be the expectations. You will have a monthly financial reporting call. You’re going to have quarterly board meetings.” These are things that need to happen in this business to be able to upgrade the management and cadence in this company. You don’t have to do it all tomorrow, but that is how you make a more valuable company, is installing some of these systems, process and cadence. And so we’re working with him now on doing that, just in a private context instead of in the private equity backed environment. Nick Hubert: I think there are three things embedded in this. I’d say number one, to Taylor’s point, this is a massive black box, in some ways by design. Wall Street’s had not a great reputation for a very long time of putting things behind the paywall, so to speak. And so we think a lot about our job as empowerment and education. Jason Diamond: Education, yep. Nick Hubert: Yeah. And so part of it is just, number one, how do we just demystify this thing and name things and take away the go to or bad? Because it can be that, but it should not be that from a core basis. That’s number one. Number two, a lot of entrepreneurs feel like they cannot get access to this ability to professionalize or level up or whatever these things are without bringing on that investment partner. And so part of our motivation is how do we actually bring this skillset in without needing to bring on an investment partner because oftentimes, that investment partner comes when you’re done, and so you don’t actually get to experience it. That’s number two. Number three is, Jason, part of your point earlier was like there’s still a trap here of potentially being able to get motivated primarily by the exit. And so again, that gets back to our business model, making sure our price Racing is right, all that good stuff. And it’s also the reality that a lot of businesses, if you just look at a very broad scope of American businesses, a lot of them don’t have value in the marketplace in a massively material way and/or won’t exit in a traditional way. And so the wealth creation journey then becomes much more of a conversation of, how do we manage the balance between investing in the company and distributing out of the company to invest elsewhere because we should actually be creating investment assets along the way because when you get to the exit, there’s no better power position at the moment of exit than already having financial security to some degree and giving you choice in the right deal, not the highest and best deal because you need to fill the piggy bank for retirement. Jason Diamond: I just want to be sure to ask because you did mention a couple times your pricing structure. How have you set it up so that you can be more agnostic about this as opposed to the typical… You want to talk about it for a minute? Nick Hubert: As it’s structured now, it starts with a retainer earlier on where we are working… As Taylor mentioned, we are going deep in the operational build of the business. We will do that on a monthly retainer. We’re engaging consistently. As assets get built up and if assets get built up, we start to chew that retainer down as assets go up. I think what we are ideally trying to figure out, and still honestly have not figured out yet, is how do we get to parity so that we don’t create an… I want to be able to work agnostically with a client to say- Jason Diamond: Yeah, I love it. Nick Hubert: … regardless of how I’m engaging with you, that’s the goal. So I’d say we haven’t cracked the code on exactly what that is yet, but mechanically, we’ve got the levers to pull to say how we price and move that retainer down is basically allowing to keep it at par, so to speak, for the client and allowing us to say, “I’m here to engage in making the best wealth creation outcome for you along the way, whether that’s investing in the business or investing outside the business.” Jason Diamond: I think that’s the right recipe. I agree. The levers can be fine-tuned, but to me, that’s the model you want to create where you can credibly look your prospects and clients in the eyes and tell them, “Our job is to serve you in the best way… We’re sitting on the same side of the table as you.” I want to turn this inward for a second. The home cooking concept. M&A, within the RIA independent space, is obviously a hot topic. Have you thought about it? Do you think it’s a critical part of a potential growth trajectory of a healthy, independent firm? I’m curious your perspective. I feel you, Taylor in particular, probably have a unique lens on this coming from the world you came from. Taylor Gentry: Yeah, Jason, I think if Nick and I wanted to put as much money as we possibly could in our pockets as fast as humanly possible. It’s a pretty easy recipe. It’s go get some private equity capital backer, roll up a few RIAs, get to a few billion of AUM and then sell it to the next private equity firm or roll it to the next private equity firm, do that a few times. We’d all make plenty of money and go on our way. We’ve been really intentional on this front, and again, I talk about this is what we want to do for the next 30 plus years. And really being intentional around building a business that has that enduring nature to it, decided to take private equity capital on, you are on a shot clock to some degree. Yes, you’re trying to build a best business, all of those pieces. You get cadence. You get capital. There’s a ton of value there, but you are on a shot clock that is not a shot clock we’re trying to get on at this stage. I’d say we opportunistically are looking at acquisitions. So we think about it, and Nick and I talk about it all the time, how much of our time should we be spending on acquisitions? And we think of it as 80/20 or even 90/10, 80% or 90% organic growth-focused, 10 to 20% acquisitions-focused. And so we’re actively evaluating those consistently and see deals on a monthly basis that we look at and evaluate, but it’s less of the focus today than it could be down the road. Jason Diamond: And Nick, do you think of that when you guys talk? Do you guys call that your true north? Do you think the same way you coach your clients and prospects to say, “For right now, it wouldn’t be the right move for us to take private equity capital and to do this acquisition rollup strategy because A, B and C are more important for us”? Nick Hubert: Yes. I think if we take our life north star for Taylor. I’m speaking for Taylor, but we’re close and so we share this of… To Taylor’s point, the life outcome of scaling that quickly with that type of capital backing is likely to create a life that I don’t actually want that’s not good for me, not good for my family, and honestly, not good for our clients at this point. And so that overrides in this case, even though the wealth, north star might say, “Hey, absolutely do that.” At some point something has to win. And so that is true. At the business side, as the north star is motivated by this mission of the entire entrepreneur journey, the worst thing I could do is shortcut my ability to be on that journey for a long period of time. One of our friends in this space says, “The best thing I can do for my clients is still be in the seat 30 years from now because I’ve lived a good life that enables that.” And I think that’s spot on for us, is everything, it’s so easy in today’s world to be consumed by short-termism and we are intentional in ensuring that we don’t succumb to that. While still recognizing to your point, I mean, you’re in this all day, Jason, right? There’s a massive opportunity in front of us to be thoughtful about how acquisitions fit into this. And I think we want to be open to that in a way that ensures we just don’t lose the core of the goodness of what we’re trying to build. Jason Diamond: I think that’s the right answer. The only wrong answer in my mind is we’re not open to this or we’re closed to it. To not at least be opportunistically aware of the dynamics in the market, I think is naive. But also, I’ll be honest, Nick, when I think about the concept of the north star, I have a hard time imagining, because we use a similar concept when we counsel advisors. What is your true north or your north star and your best business life, whatever you want to call it? To me, it does include absolutely the personal piece. I think it’s hard to define it only on the economic verticals because, I mean, I think about this for a transitioning advisor. Almost never is the conversation about crunch the spreadsheet and get us the biggest check possible. It’s, yeah, sure, transition capital is important, but it’s let’s also, we want a better work life and we want freedom to market and blah, blah, blah. To me, I think it’s a completely fair way. You two are looking at it at least for now and I assume you reserve the right to revise that opinion down the line. Nick Hubert: I think acquiring for size and scale is as often the headline is, yeah, we’re not into that at this point because I think… And yet, hey, if the right acquisition with the right people came along in that, we’d be extremely excited and would move very quickly to execute on that. So it’s a little bit of a both hand. Taylor Gentry: Yeah. Jason, I think it goes without saying, but my background on having done a bunch of transactions of businesses like this, it’s a natural fit for us to have this as a lever. And so we are looking at deals. We just haven’t prioritized it as the top priority. Jason Diamond: I think also where you are, 2024 was the launch of the business. It’s pretty common to see, all right, let’s nail this, let’s get our feet under us, client service model and then we’ll start to think about that down the line. A couple other things I want to ask you about running an independent firm. This is a pretty glowingly positive review, I think, of your ability to service clients, your ability to grow and to build and run the business that you want. Has there been anything negative that you haven’t enjoyed about running and operating this business, other than working with each other, of course? Nick Hubert: No, I was going to say, I’m like, can we get Taylor off the call again? Taylor Gentry: Jason, maybe I’ll take a first cut at it. I think for both Nick and I, it’s just the administrative components of running an independent business that we don’t enjoy candidly. I don’t think many people would. That said, you come full circle and it is a pretty glowingly positive review of running an independent business because we get to run it in the way that we see fit. And oh, by the way, we use the same things that we use with our clients. So the value drivers we’ve talked about, we have a value drivers worksheet. We refresh it every six months. Nick, Andrew, and I get together every six months and we’re 18 months into this thing and we’ve already got this cadence and system to it, if you will. So I personally really enjoy the running the business piece of it from a macro perspective. Yeah, I’m responsible for running our fee billing and running the math on all that and getting that done, for example. Jason Diamond: I think that’s actually a very thoughtful answer. And I appreciate you saying I enjoy running… I feel the same way, by the way. There’s some elements of running a business that I think are immensely fun. I think it gets painted with this brush of, “Ugh, running the business is the hassle and I want to work in the business.” Agreed, nobody likes invoicing and accounts receivable for the most part, but Nick, what are your thoughts on this? Nick Hubert: Yeah, I think mine is different a little bit coming from a different background where it’s easier for me to sit with the rose-colored glasses of the joy of the freedom that we have in this model. At the same time, when I’m counseling folks who are talking with folks or mentoring folks, younger people who are thinking about, “Okay, I want to go start my own thing,” I’m like, “Hey, it’s like I’m the same way. I want to look in the mirror and think I’m the boss or I’m one of the bosses and we get to go build this.” Then the reality is, at the end of the day, if there was something that you didn’t want to do that had to get done and you didn’t do it, you got to look in the mirror and be like, “Well, you’re the boss, you didn’t do it.” It’s the both sides of the coin that I think a positive, negative cut is one way to look at that because it can feel that way sometimes. And the reality is every job has 20 to 30% of it that you just don’t enjoy doing, and that’s totally true. Jason Diamond: It’s why they call it work. That’s why they pay you. Nick Hubert: They’d be pretty quick to point out that I’m the one of the partnership group that they’re going to have to chase for a smaller administrative item because, yeah, I honestly, just similarly speaking, don’t enjoy that. I want to go talk to clients. I want to go focus on building what we’re building. In finance speaks, it is a higher beta to just the all encompassing realities of running a business that is really hard to underscore without being in the seat. And yeah, there’s definitely 20 to 30% of that I would love to wave a magic wand and say, I don’t have to do anymore. Jason Diamond: Yeah, I appreciate that. Nick Hubert: You can’t have one without the other. It’s both sides. Jason Diamond: I think it’s getting easier and I think it’s getting more offloadable and some of it probably gets more… In some ways, more offloadable as you scale, but then you get a new set of problems, probably two, because you’re dealing with bigger… It’s a never ending. I think most business owners would agree with that. And you said it well, you take the good with the bad and overwhelmingly, most people we speak with in the independent space feel as you do, which is, are there things I would prefer to offload or that I would prefer not to do? Of course, but that’s almost just the price you pay for the freedom and for doing all the things you want to do. Two more questions that I want to be sure to ask about where this has been a great episode. One is AI. Need to know your thoughts. Is this coming for our jobs? Do you think your firm is positioned to capture either asset flows or also just to leverage this technology and use it to serve clients better? Just give me your thoughts. Nick Hubert: I think, in some sense, it would be irresponsible as people this early in our entrepreneurial journey and thinking about how do we optimize what we do for clients to not be engaging with AI in some way, shape or form, at least in an evaluative posture. So we are actively, in a bunch of different ways, whether it’s buy it off the shelf or build it, continuing to find ways to think about, not only how do we drive efficiency, because there’s an obvious surface level dynamic of if I can save time and spend more time with clients, that is a go to thing objectively. And there’s this deeper dynamic of if it can amplify what… Actually, back to your prior question, if it can amplify what I’m best at and enjoy and reduce what I don’t enjoy, that’s a massive win. And I think we’re on the surface of seeing that. That’s the opportunity we are motivated by that and pursuing that. And at the same time, I would say an operational principle that really is important to us, and you can almost call it a north star within the business is client security can never be put at risk for the sake of our own growth, our own efficiency, or anything else. There’s, I think, still a question mark as to how we think about trusting this. And so we are very cautious as we think about we will never try to move so quickly on any technology, whether it’s AI or otherwise that we risk our clients in some way, shape or form, because the reality is we are also in a context where AI is, when pulled, one of the least popular things happening in the world today for the average American. And so there’s no kudos here for being a leader. Jason Diamond: I totally agree. The first mover advantage here is slim to none. Nick Hubert: Yeah, you don’t want to be the one sticking your neck out on this in our industry. And yet there still objectively has a potential to be better for the clients. Navigating that I think is messy. Taylor Gentry: I think the only thing I’d add, which is pretty short, is the use of these tools has the ability to create a better deliverable for clients on a more consistent basis. And marrying that with exactly what Nick just outlined around the risk is really the magic piece here. And so I think, to the extent we can get it implemented effectively with the security, but also with, this is going to result in a lot better outcome for clients across the board, that’s a pretty attractive objective to go after and it’s pretty exciting to be in the industry with that now on the forefront in terms of ability to improve that experience over time. Jason Diamond: Yeah. No, that’s a good color to add. I want to end here with a potential HR violation, but you’ll forgive me. I’m not going to ask about age, but you are clearly both relatively young advisors. And this is a hot button issue in our industry, the idea that there are not a lot of talented, young next gen advisors at a time when a lot of gen one or older advisors are retiring out of the business. So what would you say… I think one of you made the comment earlier, it’s not necessarily the coolest industry to go into at 23 years old right out of school. I think more commonly people go into sales and trading, investment banking or some of the other finance verticals. What would you say to younger folks interested in wealth? And maybe I’d ask also, do you have any thoughts on how we solve this next gen talent crisis? And if you’re both secretly 90 years old, you can just do it. Taylor Gentry: You talking my internal age or my actual age? Jason Diamond: Why don’t you go first? Nick Hubert: Yeah, go ahead, Taylor. Taylor Gentry: I think there’s two threads here. The first is it’s not a sexy industry to go into and not as sexy as an investment banking, private equity shtick, if you will. I think from my perspective, it’s really important what you’re working on. The ability to be in a firm like what we are building with the diversity of work that is available is a little bit like the world’s your oyster and we’re designing

A Special Industry Update with Jason Diamond and Mindy Diamond A replay of part one of a two-part series, Jason and Mindy Diamond unpack the real advisor transition playbook—from due diligence and culture fit to portability, enterprise value, and the evolving landscape of advisor choice. In Summary Why do advisors really consider changing firms or models—and what separates thoughtful due diligence from reactive decision-making? In a replay of the first of this special two-part Industry Update, Jason and Mindy Diamond unpack what actually drives advisor transitions, the misconceptions that derail decision-making, and the questions sophisticated teams should be asking long before they're ready to act. The conversation also explores how the industry landscape has evolved around independence, portability, enterprise value, and advisor optionality—drawing context from Diamond's role in the landmark OpenArc breakaway from Merrill and much more. The Storyline Most advisors assume transitions are primarily driven by recruiting economics. Jason Diamond and Mindy Diamond suggest that recruiting economics may get the headlines, but advisor transitions are usually driven by a far more layered set of considerations. What tends to happen instead is more gradual: a growing disconnect between how advisors want to serve clients and the constraints of the environment around them. Sometimes it's bureaucracy. Sometimes it's limitations around growth, marketing, technology, or flexibility. Sometimes it's simply the realization that the industry landscape has evolved while their assumptions about it have not. This conversation examines what actually happens between the moment curiosity begins and the moment a move becomes real. Rather than treating transitions as transactional events, Jason and Mindy frame due diligence as a strategic process of self-assessment—clarifying what matters, identifying trade-offs, evaluating long-term optionality, and pressure-testing assumptions before making consequential decisions. The discussion also offers a rare look inside the mechanics of advisor movement itself: how teams evaluate culture, how portability is assessed, why some advisors choose ownership over upfront monetization, and what sophisticated client communication really looks like during a transition. The backdrop throughout the episode is Diamond's role in facilitating the historic OpenArc breakaway from Merrill—a move that challenged longstanding assumptions about scale, independence, and what even the industry's largest teams are now willing to reconsider. Topics Covered Advisor transition due diligence Wirehouse limitations and advisor frustration Independence versus traditional firm models Enterprise value and long-term ownership Advisor portability and client transition strategy Boutique and regional firm recruiting trends Culture evaluation during due diligence Reverse due diligence and evaluating firm stability Transition economics and recruiting deals The OpenArc Merrill breakaway story Advisor optionality and industry evolution How technology and AI are changing transitions   > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why do advisors actually decide to leave firms? (06:20) Mindy explains why most transitions are driven less by economics and more—by mounting limitations around growth, flexibility, client service, and long-term alignment. What is the biggest mistake advisors make when beginning due diligence? (18:12) The conversation explores why many advisors evaluate firms before gaining clarity around what they truly want to improve—often creating confusion instead of insight. How should advisors evaluate culture beyond a firm's sales pitch? (32:41) Jason and Mindy discuss the importance of speaking directly with advisors who have already made similar moves—and how to pressure-test what firms promise. When should transition economics matter most? (47:03) The episode breaks down the difference between short-term monetization and long-term enterprise value creation—and why many elite teams are increasingly prioritizing ownership and optionality. Why are more advisors reconsidering independence? (56:48) Using the OpenArc transition as context, the discussion explores how today's independent landscape has evolved far beyond the traditional “build it yourself” model. How long does a real due diligence process take? (1:06:10) Jason and Mindy explain why thoughtful transitions often unfold over many months—and why some advisors remain in exploratory conversations for years before acting. How should advisors think about portability and client communication? (1:16:20) The conversation details how sophisticated teams assess portability risk—and why the client-facing rationale for a move matters more than recruiting economics. Have advisor transitions become easier over time? (1:24:12) Mindy explains how technology, legal infrastructure, and industry specialization have improved the process—while emphasizing that transitions still require risk tolerance, effort, and patience. Key Takeaways Most advisors do not move primarily because of recruiting deals. The larger driver is usually a growing disconnect between what they want to build and what their current environment allows. Due diligence tends to fail when advisors begin by evaluating firms before clarifying what they actually want for their business, clients, and long-term future. The industry landscape has evolved dramatically over the last decade, particularly around independent and supported-independent models, creating far more customization and optionality than many advisors realize. Transition economics matter — but sophisticated advisors increasingly view upfront monetization as only one component of a much larger enterprise value equation. The ability to articulate a compelling client-facing value proposition is one of the strongest tests of whether a transition opportunity is truly viable. Conversations with advisors who have already made similar moves remain one of the most valuable forms of real-world due diligence. Even the industry's largest teams are reassessing assumptions around independence, ownership, control, and scalability. Quotable Moments “The biggest mistake advisors make is beginning due diligence before they've gotten clear about what they actually want.” “A recruiting deal can't be the first thing you consider. But it would be foolish not to consider it at all.” “The landscape looks entirely different than it did five or ten years ago. If you haven't gotten educated, you're doing yourself a disservice.” “The real question is not whether you can move. It's whether you can clearly explain to clients why the move makes their experience better.” FAQs Why do advisors typically begin exploring a move? In many cases, the process begins gradually. Advisors may still feel successful and reasonably satisfied, but start questioning whether their current environment fully supports how they want to grow, serve clients, or build long term. Often, curiosity precedes dissatisfaction. Is advisor movement mostly driven by recruiting deals? Not usually. While economics are an important consideration, the episode explains that most sophisticated advisors weigh a much broader set of factors, including flexibility, culture, client experience, growth limitations, ownership opportunities, and long-term enterprise value. How long does a typical due diligence process take? There is no universal timeline. Some advisors move relatively quickly once they decide change is necessary, while others spend months – or even years – getting educated and evaluating options before acting. For many teams, a thoughtful due diligence process unfolds over roughly six months. What is the biggest mistake advisors make during due diligence? The episode suggests the biggest mistake is evaluating firms before gaining clarity around personal and business priorities. Without understanding what they actually want to improve, advisors often become overwhelmed by options, recruiting pitches, and conflicting information. How can advisors really assess a firm's culture? One of the most valuable approaches is speaking directly with advisors who have already made similar moves. Jason and Mindy discuss why real-world perspective – particularly from advisors with comparable client bases or business structures – is often far more revealing than formal presentations or recruiting materials. How should advisors think about independence versus traditional firms? The conversation frames the decision less as “right versus wrong” and more as a question of alignment. Some advisors prioritize ownership, control, and long-term enterprise value. Others value infrastructure, brand recognition, or operational support. The industry landscape has evolved enough that advisors now have far more flexibility to design around the trade-offs that matter most to them. In many cases, the process begins gradually. Advisors may still feel successful and reasonably satisfied, but start questioning whether their current environment fully supports how they want to grow, serve clients, or build long term. Often, curiosity precedes dissatisfaction. Not usually. While economics are an important consideration, the episode explains that most sophisticated advisors weigh a much broader set of factors, including flexibility, culture, client experience, growth limitations, ownership opportunities, and long-term enterprise value. There is no universal timeline. Some advisors move relatively quickly once they decide change is necessary, while others spend months – or even years – getting educated and evaluating options before acting. For many teams, a thoughtful due diligence process unfolds over roughly six months. The episode suggests the biggest mistake is evaluating firms before gaining clarity around personal and business priorities. Without understanding what they actually want to improve, advisors often become overwhelmed by options, recruiting pitches, and conflicting information. One of the most valuable approaches is speaking directly with advisors who have already made similar moves. Jason and Mindy discuss why real-world perspective – particularly from advisors with comparable client bases or business structures – is often far more revealing than formal presentations or recruiting materials. The conversation frames the decision less as “right versus wrong” and more as a question of alignment. Some advisors prioritize ownership, control, and long-term enterprise value. Others value infrastructure, brand recognition, or operational support. The industry landscape has evolved enough that advisors now have far more flexibility to design around the trade-offs that matter most to them. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2Jason and Mindy Diamond revisit the transition playbook, this time focused on how advisor priorities are shifting. From AI and enterprise value to stability and flexibility, they unpack what's changing in due diligence and what it means for advisors evaluating their next move.  The $129B Blockbuster Move: Shirl Penney on Why This Transition Marks a New Era for the IndustryThe $129B OpenArc breakaway marks a watershed moment for wealth management. In this Rapid Reaction episode, Louis Diamond and Shirl Penney unpack what it means for the RIA model, advisors, and the future of industry competition. The Missing Narrative of the $129B Merrill Breakaway StoryThe largest (and quite possibly most significant) advisor breakaway in industry history made news this week. Yet instead of leading with the scale or significance of the move, headlines centered on Merrill's lawsuit alleging corporate raiding. 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… The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between. It's Part 1 of a 2-Part Industry Update with Mindy Diamond. 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: Everything about a transition can seem incredibly overwhelming. From understanding the whys of a move, then conducting due diligence, and onto aligning the right models and selecting the best firms, it might seem like a fairly linear process. And for some, it can be. But for others, the layers of minutia can be daunting. Essentially, it comes down to the adage, “You don’t know what you don’t know.” So the goal of this episode is to share some inside baseball in how to get from here to there. I asked Mindy Diamond to join me to help draw from decades of experience in helping advisors through their transitions. We’ve dived into the misconceptions, the common traps, the aware of a big check and much more. Essentially, it’s a download of what you need to know when considering a move. There’s a lot to discuss, so let’s get to it. Mindy, so excited to have you join me for this topic. Mindy Diamond: Yeah, I’m really happy to be here. And I’m just thinking to myself, “Yikes, decades of experience,” you’ve said, and yes it is, decades of experience. Jason Diamond: It most certainly is, 30 years in the business. So the seeding for this topic was, “You’ve been in this business now for 30 years, how many hundreds of thousands of conversations with advisors is that?” Some who moved, plenty who certainly did not. But ultimately, what we thought would be useful because it’s a question we get most commonly from advisors that we speak with is, “Tell me what I don’t know. What are the questions I should be asking?” So I’m going to just pepper you with some of the most common questions we get, and I would love to share the benefit of your wisdom and experience with our audience. That sound good? Mindy Diamond: It sounds great. I just want to say that we are recording this two days after one of the largest deals probably in the history of the industry broke that I am gratified to say we facilitated the OpenArc team who left Merrill with 129 billion in assets under management, broke a couple days ago to go independent. I’m hoping we have the opportunity to talk about some of their best practices and things we discovered along the way because I think it’s relevant. And a deal like this gets a lot of attention, people always want to know what they do and what went wrong. Jason Diamond: It’s a good point. I’m glad you bring it up. First of all, it’s so timely, but I think you can almost use it as a case study a little bit to answer some of these questions. So let’s dive in with that. I want to start with the big picture, “Why?” Because that’s the number one thing I think people want to know is, “Why do advisors move?” And I think there’s an assumption that 95% of transitions happen because of a big check or because of economics. I’m certain you’re going to touch on that to some extent, but give me your sense of what are the main triggers of advisor movement. Mindy Diamond: Yeah. Look, are there some advisors that move because they need to recapitalize or they want the money? Sure. But the absolute vast majority are moving because they come to a place where one of two things is true, and oftentimes both. One, the pain of staying is great enough. Meaning there’s enough frustrations or limitations that they’ve gotten to a point where despite efforts to the contrary to make it better, despite gutting it out and saying, “On par, it’s good enough,” they come to a point where there’s limitations in how they can serve their clients, how they can grow the business, and that’s just untenable for them. Hopefully, simultaneously, they are equally excited and have identified an opportunity that they believe is needle-moving enough, it’s worth the hassle, the disruption, the everything to make this move. I’ve never done a move where it doesn’t fall into one of those two or, hopefully, both of those categories. Jason Diamond: Let’s go a little deeper there. You mentioned limitations. Give me an example either using this recent deal or even just any recent advisors that you’ve worked with about, “What are some limitations that people experience at,” let’s say, “the wirehouses that potentially would be a catalyst for a move?” Mindy Diamond: Generally speaking, the biggest limitations have to do with how they’re able to grow their business and serve their clients. So anything to do with excess bureaucracy, anything to do with an incongruence, if you will, between the advisors or the team’s goals for how they want to serve clients or grow the business and what the firm is allowing them to do. Using this enormous deal as an example, you’ve got a team that was doing extraordinarily well. Oh, my god. They were the biggest team at Merrill, so talk about having a batphone to the top and the attention of senior leadership. If anyone was going to be able to break through the red tape or get things done, or eschew the limitations, it was them. And for a long time, they did. But they were sort of increasingly unhappy, let’s say, over a decade. Despite their size, every year, they became a little bit more frustrated. And after probably six or seven years of saying, “We’re just too big to move,” they came to a point of saying, “We can’t ignore this anymore. We’ve got a tiger by its tail. We have this extraordinary business that is growing exponentially. We’ve got clients that are complaining to us. And more importantly, we’ve got team members that are feeling stifled.” And that’s where it comes from, where there’s problems you just can’t ignore even if you want to. Jason Diamond: It almost feels like one of those things where advisors know they’re limited, they can just feel it. But if you’re fighting against the firm, and instead of with it. I’ll give you one other one that comes to mind as we’re talking here, that seems to come up a lot in advisor conversations, which is freedom of marketing. And that might seem like a fairly minor limitation, but I can’t tell you how many times, certainly myself, I’m sure you too, get call from an advisor who is heated. They’re angry because they were trying to send some timely market commentary and the firm took two weeks to approve it. Does that fall under the same category of limitations, in your mind? Mindy Diamond: Oh, without a doubt. And it’s funny you say that because in this world of social media where the news is consumed or can be consumed within seconds of an event happening, there’s nothing more frustrating for an advisor than wanting to write a newsletter to update their clients with scale as opposed to having to make one phone call at a time and not being able to do so. It absolutely puts them on a back foot. And then, I think it’s the lack of freedom to differentiate themselves. Most advisors that work for big firms have a firm website that is templated, the same sort of structure of the website and the picture of the team and the same basic wordings, and that’s hard to deal with. Jason Diamond: Well, you bring up an interesting point, which is sometimes… For example, advisors might say or wirehouse advisors might say, “Oh, the marketing is good enough.” But a lot of times, and we’ve had advisors on this podcast who talk about exactly this, they don’t realize how limited the sandbox they were playing in is or was until after a transition. And that’s when their eyes open and they realize, “Oh, my god. I was basically playing with one arm tied behind my back.” We’ve heard advisors use that metaphor. Let me ask you this then, and this is a tough question, what do you think advisors get wrong? What is the number one misconception that advisors have prior to approaching due diligence and thinking about a move? And maybe it’s something as simple as like, “Eh, it’s the same everywhere,” but tell me what you think you hear most commonly. Mindy Diamond: There’s certainly those myths, the assumptions or presumptions that it’s the same everywhere or there’s nothing that’s going to change anyway, for sure. But I think the biggest and most fundamental thing they get wrong is a lack of clarity around, “What it is they’re trying to accomplish, and why?” I’d like to say that I think one of the things, the thing, we do better than most, I’m not going to say everyone else but better than most, and something we’re really good at, is helping advisors to answer the really tough questions, the smartest questions, to get a sense of what it is they’re looking to accomplish, what it is they want to improve and why, “What does success look like?” Because if you don’t do that, then a lot of folks do it backwards. They get a phone call from a manager at Morgan Stanley or from somebody at Schwab or somebody at Dynasty, or whatever it may be, and they say, “I’ll take a lunch, why not?” And of course, the job of the manager from Morgan or the sales rep from Dynasty, or whatever it is, is to tell you all the good things about independence or about Morgan Stanley. But if I, as the advisor, am not really clear about what it is I’m looking to accomplish and why, it’s going to all sound good and I’m going to wind up more overwhelmed than when I started. And that is probably the number one thing that we see advisors getting wrong. It makes the due diligence process, if you choose to enter it, exceedingly inefficient. Jason Diamond: I totally agree. So I’m an advisor, I want to start due diligence in earnest. I know in my head, things are suboptimal. I’m not going to go so far as to say,” I definitively want to move.” But I’m a wirehouse advisor and I’m thinking for the first time in my career, “I’ve built a nice business, but it’s time for me to start getting educated.” So what do I do? Do I just say, “Hey, John at Morgan Stanley, what’s your recruiting deal look like these days?” Tell me, for an advisor who’s never thought about this before, what are the ABCs of this process look like? Mindy Diamond: Yeah. It’s definitely not, the first step, calling Morgan Stanley, even if you’re pretty sure Morgan Stanley is where you want to go. I’d suggest that’s probably one of the last steps, and I’ll tell you why. The first thing is to give yourself permission to say, “Even if I’m not 100% certain that a move is in my future or that I know I’m unhappy enough to go through the hassle and disruption of making a move,” to give yourself permission to get educated. The world, the industry landscape, the ecosystem, the everything looks entirely different than it did five and 10 years ago. And if it’s been five or 10 years, or even three to five years, since you last got educated, asked the questions, looked under the hood to get a sense of, “Is there or could there be something that’s better than where I am?”, you’re doing yourself and your team a disservice. Yeah, it takes time and it’s annoying and it’s overwhelming, and it’s all of it, but that’s honestly why people like us have a job. We don’t approach this that we think people should only come to us when they’re sure they’re going to make a move. In fact, it’s the opposite. We love the calls we get when somebody says, “I’m really happy here. I’ve been here 40 years. I’ve been here 30 years, it’s really good enough, it’s working well for me.” “But all of a sudden, I’m beginning to be curious. Or all of a sudden, I feel X, Y and Z. Tell me what I don’t know.” Those are the best calls. Those are the smartest calls. That’s the best thing an advisor can do. Jason Diamond: Yeah, I agree with that. Are there things you think an advisor needs to ask for during the diligence… I guess what I’m getting at is, do you trust the process that if you go through this process with, let’s say, three to five strategically picked firms… So you work within a recruiter or, a shameless plug, however you approach this, and you end up with your short list of contenders. Do you trust that, by going through the due diligence process, these firms are going to give you the building blocks that you need to do proper due diligence? Or are there things you, as an advisor, need to ask for? I’ll give you one example that comes to mind, which is… There’s obviously been some firms that have had financial troubles recently. So do you think an advisor, for example, needs to ask for financial statements from a firm they’re potentially considering due diligence on? I’m curious what your thoughts are. Mindy Diamond: Yeah. Particularly, if you’re looking at sort of in this new world order, if we think about the landscape as a continuum and the newer boutique multifamily offices on the right side, absolutely. Conducting what we call reverse due diligence and getting to see the financials of the firms you’re considering, to make sure that they’re sound and solid and that the equity valuation is exactly as advertised, of course, yes, that’s true. So the answer is, in part, you trust the process. You trust that if you’ve asked the right questions, if you’ve gotten clarity around what’s important to you, and as a result, you’ve crafted the right questions, and therefore, the manager or the representative from the firm or options you’re considering has put together the right due diligence plan, you can trust that at least 90% of what needs to be gotten right has gotten right. But there are always things around the margins that aren’t addressed. One is you can’t just outsource the due diligence process. You need to be paying attention. And much like people who trust their doctor and presume the doctor just always has it right, you need to be your own advocate. I would say, the same thing here. That as the process unfolds, there will be additional questions, additional sort of gaps and holes, and you shouldn’t stop until you’ve gotten all of your questions answered. That’s really the best advice I can give. Jason Diamond: You are talking to John from XYZ firm and Jim from ABC firm, and they’re going to tell you what’s great about their firms. So how do you know that you’re not just buying a false bill of goods, it’s just a glossy kind of sales pitch? I’ll give you my answer first. Part of it is, I think, you test drive the systems. I think another step I suggest a lot is calls with advisors on the platform. So an advisor who left UBS to go to Morgan Stanley, probably the best possible person to ask about Morgan Stanley. Any other additional thoughts on that one? Mindy Diamond: You took the words right out of my mouth. Absolutely, that is the number one way to do it, is that you ask for an opportunity, and you can do it in a name-blind way without identifying yourself, to talk with advisors that have made the move that are two things, that either came from the firm you’re coming from, so you get a similar perspective, but it’s equally important to talk to advisors that have similar business mix. It doesn’t matter what firm they came from, even if it’s not the same as yours, but, “How does someone that services international clients, how are they better able to serve those international clients at this new firm or new model than they were where you are?” We’re talking about it as if it’s wirehouse-to-wirehouse. But very often in today’s world order, especially looking at this giant move from this week, it’s about wirehouse to some version of independence. So there’s so much more due diligence, so many more questions that are required. It is even more important in that world to really get an understanding of what it’s like from the perspective of somebody that’s walking in those shoes. I will tell you, Jason, and you know this, that literally the number one reason I started this podcast more than a decade ago, and why we continue to do the podcast and the feedback we get, is because the feedback from advisors that have joined a platform already is the very best feedback, the best way, in a discreet confidential manner, to hear the truth from somebody who doesn’t have a horse in the race who’s just sharing their perspective with you. And that’s the feedback we continue to get. In a couple of weeks, I’m interviewing, as an example, Neil Rubinstein. Neil’s an advisor in Texas that came from Merrill that we moved to Rockefeller. A perfect example. So many advisors that are considering a move if they’ve got high net worth clients are going to look at Rockefeller. Well, what better way to understand what Rockefeller is about than to hear it from an advisor that’s walked in the shoes, not only of a Merrill advisor, but services high net worth clients and then have information or perspective similar to Neil. What do you think about that? Do you agree with that? Jason Diamond: 1000%. First of all, the podcast, I will say, a little bit of a sales pitch, has one thing going for it that a call with an advisor doesn’t, which is complete discretion and confidentiality. I will say, I think we’ve done a good job of doing facilitating name-blind calls between advisors. We continue to harp on this point even though it sounds somewhat minor, because it really is the very… You can talk to people like me and people like the recruiters from the firms until you’re blue in the face. But the right way, the best possible way to learn the, “Is this guy selling me? How does the technology compare to Merrill? How does the day-to-day compare? What’s it like working for this manager?”, all those types of questions, I think are best answered by another advisor. So completely agree with you. Mindy Diamond: Yeah, and I’ll take it one step further. Somewhere in the process, you take advantage of the opportunity to either listen to a podcast and hear somebody’s perspective of what the move was like, and how it’s bettered their life and where the pitfalls are, and/or you take the opportunity to talk with other advisors that have made the move, so you can ask your own specific questions. But after you’ve had the opportunity to do that, then it’s really important, and this is the part that why you can’t entirely outsource or let the due diligence process just go on autopilot, to take some of that perspective and the manager that you’re interviewing with, hold his or her feet to the fire. What do I mean by that? So I talked to an advisor that talked about the fact that the number one concern about Rockefeller, I’m making this up, is that they’re going to be the next Merrill, or that they just added a fee that now is going to have to be passed on to clients. While this advisor said it doesn’t bother them and they had a lot of good reason of why it’s not an issue, I’d love for you to tell me why it could be an issue. What are some of the things you’ve gotten wrong? When someone doesn’t join Rockefeller, why is it? I’m making that up- Jason Diamond: Yeah, smart. Same thing. Even let go, this advisor mentioned that technology is a step back from the firm I’m coming from. And I’m not asking you to argue with me, but perhaps the manager might be able to say something like, “We’re investing substantially in the platform, and we have these rollouts coming in the next several months that are going to close that gap.” So I completely agree. That’s a really smart- Mindy Diamond: And a follow-up question to that example, Jason, which is a great one, is, “How can I trust, how can I get a sense of security, if I join here in the next couple of months that in fact that investment is going to be made? And how that investment in technology will actually impact thing?” So again, it’s constantly being your own advocate, constantly paying attention, and constantly questions beget more questions. Jason Diamond: I agree we. Haven’t talked at all about the dollars and cents of this, and I think we need to because it’s important. Right? You can have the best platform on the planet, but the reality is a move comes with risk, a move comes with hassle, and there is a market for advisors’ books of businesses. That’s one of, I think, the major kind of paradigm shifts we’ve seen in the last, call it, decade is advisors know their books are assets, their book is a business, and that business is worth something substantial. At any firm, even at their current firm via retire and place deals, the book is worth something substantial. So if you had to put a percentage to it, I’m an advisor making a decision, 100% waiting, how much percent waiting do I put on the economics and how much waiting do I put on culture, platform, everything else? Mindy Diamond: The answer is, absolutely, it’s an inside job, personal, and it depends upon the advisor. There are some advisors, they’re wrong, but they will put all the weight on personal economics. They’re making a big mistake, if that’s the case. And most advisors will put much more weight on getting it right, meaning, “What’s life going to be like afterwards? And will I have a better ability to serve clients and grow the business?” But here’s what I would say, they’re both equally important. So no advisor who’s got a decent enough runway ahead of him or her and who’s looking to really grow the business and who cares about their clients can’t be unconcerned about the culture of where they’re going and what life is going to be like and what are the limitations, all of the questions we’ve been talking about. But an advisor who’s built a great business would be a fool not to consider their own personal economics. It just can’t be the first thing they consider. And in the book I wrote, Should I Stay or Should I Go?, I wrote that 100 times that it’s all about, “Lead with what’s important to the business and important to clients, do the right thing, but you can’t ignore personal financial gain.” Let’s talk about this move of OpenArc, this $129-billion Merrill team. You can only imagine the number of zeros at the end of a check that this team was offered by every major firm on the street. And in the span of a decade, they got those offers. Independence, making this enormous leap, was not the first thing they looked at, was not necessarily their first choice. But as they began, in their case, to really consider how limited they felt on the things they wanted to be able to do for clients… By the way, I don’t want to steal anybody’s thunder because we’re going to be launching a podcast specifically talking about this deal and this move, so I’ll save that for… Louis Diamond, our partner, and Shirl Penney, the CEO and founder of Dynasty, are going to be talking about it and they’ll cover all of that. But I just want to give the example that as this team began to realize, certainly in the last five years, how much things had changed at Merrill and how incongruent they felt between their goals, the goals for the business, the goals for serving clients, and what the firm was asking of them since Bank of America came to town, it became impossible to just say, “Holy cow, we can get a check with a lot of zeros at the end of it.” They couldn’t not see the benefits of everything else, the benefits that creating their own independent entity could bring them. Jason Diamond: I agree with that. I will play devil’s advocate a little bit here and say, “I think what you’re really talking about is the trade-off.” They’re not martyrs, they’re not altruistic and said, “We don’t want your hundreds of millions of dollars.” I think what you’re talking about is the trade-off between near-term upfront recruiting deals, which is the primary means by which the wirehouses, the regionals, the boutique firms recruit. Right? The traditional forgivable loan structure is all about a short term de-risking of the move, a monetization event in the near term where they’re paying you some percentage of revenue, 350%, 400% of revenue, tied to a forgivable loan. But that’s your bite of the apple in that example. With the example of a move to independence, you’ll lose, in some cases, all of that upfront monetization. So this example you’re talking about is a good example where they got no upfront transition dollars because they launched an RIA. But, and this is a very important caveat, they know they are building equity and ownership in something that is going to, at the current rate, be worth a preposterous multiple if and when they decide to sell it. So I assume that has to be part of this conversation around independence is, it’s not that you don’t care about monetizing the business, it’s that you plan to monetize the business in a different and probably more significant way. Fair? Mindy Diamond: Beyond fair. 1000%, that’s absolutely correct. Again, not only making it about this example, but it’s a good example. So again, the possibility of getting a check with a lot of zeros on it, and by the way, also tapping into an already established well-familiar, well-run infrastructure. Think about how much easier the move would’ve been, to jump from Merrill Lynch to Morgan Stanley, and not probably was their first choice, if they were going to go the traditional route. Think about how much easier the due diligence process… how much less heavy the lift would’ve been in terms of due diligence, but certainly from a short-term upfront perspective. And that’s really the key, is that not everyone has the appetite to bet on the long term. To me, that’s the beauty of the industry landscape as it’s evolved and the waterfall of possibilities today. If you’re a great team, and there are so many great teams, you’re growing, you’ve got a multi-generational bench of advisors, you’ve got a succession plan, you’ve got sticky clients, you don’t have 5,000 clients but you have 100 or 200 relationships, you’ve got a great business that you’ve got options for it, there’s no right or wrong. It’s, “What do I want to be when I grow up?”, and, “How do I want to live my business life?” And if you query 10 of those great teams, five of them will wind up moving to the traditional space. That doesn’t make it wrong, it’s just, “That’s what’s right for them.” But the other five will have entrepreneurial drive, will value the long term, and willing to forego the short-term upside in order to bet on themselves for the long term. And holy cow, again, we’ll save that for the episode that Shirl and Louis do to talk about what those multiples could look like, but I don’t think there’s enough zeros on the calculator to begin to think about what that business… OpenArc’s business will be worth even as little as five years from now. Jason Diamond: I agree with that. I think the one point I would probably make in defense of people who go the traditional firm route… Actually, two points. Number one, I don’t think it’s only about, “I am not willing to bet on myself, and I don’t want to delay the monetization event.” I think for some people, the idea of being independent and putting the toner in the copy machine and the little K-cups, that’s just not appealing. I like going into a branch and they have everything, my desk is all set up. So that’s one caveat I’d make that some people just prefer the traditional firm world. The other caveat I’d make is there are advisors who, rightly or wrongly, believe in the brand name of the firm mattering. So there are some advisors who say, “Look, I am a good advisor, but my ability to land and grow business is tied very closely to XYZ firm/brand, Morgan Stanley.” I think, a lot of times, we find that’s not always the case as much as advisors believe. But I’m just trying to think of a couple scenarios where there are advisors who genuinely prefer or need or want the stability, big brand, resources of the biggest firms on the planet. Mindy Diamond: I totally agree. Actually, thank you for bringing those two caveats up because, I’d say, there’s a third caveat. Someone can’t go independent, they don’t have a next gen. They don’t have someone that could do the heavy lifting, if they’re not capable of doing it on their own, to build an independent firm. They don’t have entrepreneurial spirit. They’re three years from retirement, and they don’t have the kind of time that it takes to really build the value of an independent practice. And we have great respect for those people. But again, the cool thing about the industry landscape is that as it’s evolved, there’s something for everyone. It doesn’t necessarily mean that the only choice is stay put or go to UBS. Jason Diamond: Agree. In fact, there’s probably even versions of independence. For example, if you don’t have a successor, well, there are versions of independence that might work where there’s a monetization event on the backend where somebody can buy and inherit your book. So that is probably the coolest or most interesting thing, the most exciting thing anyway, about the industry landscape in the last, really call it, five years anyway, probably even a little sooner than that is, especially in the independent side of things, there are options that check just about every box. You as the advisor choose what elements… And this gets back to your begin with the end in mind. Choose what elements of the business you like, and want to maintain control over. Choose what elements of the business you don’t, and there is probably a solution out there that works to check those boxes. Mindy Diamond: And then, that goes back to what we were saying. Even if you are 90% satisfied and 99% certain you would never make a move, if you haven’t gotten educated, in some capacity, whether it be listening to a podcast, reading articles, talking to a recruiter, talking to other firms, talking to friends and colleagues at other firms, or some combination of all of the above, in the last five years, I think you’re doing yourself a disservice. And again, not because in any way we’re trying to sell you on making a move, but because we believe knowledge is power and it looks different than it did. So make sure that you’re challenging your own assumptions, and that you’re really crystal-clear that what you believe or what you believe five years ago is still true today. Jason Diamond: This is a little bit of a gear shift, but I think there’s a tie in here. If you are an advisor now, or a point in their career, they’re wise to at least get educated, pick their heads up, understand what’s out there. But then, there’s the question of, “When is due diligence done?” But I’m going to frame this through a different lens here, which is, “Now, I’m an advisor, I’ve done due diligence, I’ve talked to maybe three to five strategic firms.” Is there typically an aha moment when an advisor says, “Oh, my god. It’s RBC, and I need to go that way and I know I need to move”? Or is it more process driven than that? What are your thoughts? Because I think a lot of advisors struggle with that. And I often find myself telling advisors, “Trust the process here and you’ll know when… You don’t have to know right away in the first inning of due diligence which firm or which model you’re meeting, or even if you’re going to make a move.” But curious what your thoughts are on this one. Mindy Diamond: Yeah. In fact, we hope you don’t. We hope that you don’t go into this process with preconceived notions, we hope that you don’t make a decision after one meeting, because we do think that there’s value in the process. And people get to that aha moment at different times. You and I are working with a team, right now, that is 22 meetings in. And that’s not to say every process takes 22 meetings, but the team is sort of taking it slowly. They started out looking at five or six firms. They’ve narrowed it down now to three. The goal is to get to two or one, then to get to a home office visit to the one that’s their first choice. They’re absolutely getting closer. And I’m probably exaggerating at 22 meetings, but I’m making a point, that even at this point in the game, which is probably a good, would you say, five months into the due diligence process, I don’t know that they’ve had an aha moment. They have an aha moment that they know they don’t want another wirehouse. They don’t want to be independent because the senior member of the team is exactly that person we just described, that he doesn’t have the kind of time in the business in order to make independence worthwhile- Jason Diamond: Or drive. They just don’t want independence. Mindy Diamond: Right, and the next generation doesn’t really want it. So at this point of the game, the aha moment is think we want a regional firm or a boutique firm. But it’s not an aha moment yet that it’s going to be this firm, and that’s I think a good point. A lot of times, the aha moment is the model, first, and then the firm. Jason Diamond: Sometimes, deal can be the type like, “Okay. I know I love the regional firms, but one is offering a deal that’s 100% better,” and that’s often when we actually will counsel advisors, “It’s okay to consider the deal.” The deal is a factor, as you said earlier. Mindy Diamond: If I can, that’s actually a great point. That’s the perfect example of where, “Always consider the deal, just don’t make it your primary or first consideration.” Jason Diamond: Right. Mindy Diamond: So if you’ve done all the right due diligence and two firms or two opportunities stack up next to each other perfectly, they both will allow you to move the needle significantly enough. If they both will allow you to do better for clients and grow faster, and do everything else that’s important to you, then it’s absolutely time to make deal the tiebreaker. Jason Diamond: So you threw out five months and talking about 22 meetings, let’s table that. An advisor calls you, Mindy, this morning and says, “Not unhappy, but I’m getting that itch.” Give me the average time it takes them from that first call this morning to the moment they resigned from their firm, and then give me the quickest they could do it if they needed to. Mindy Diamond: Yeah. Let me start out by saying that those calls we get from advisors come in two different categories. One is, “Yeah, getting the itch. The straw that broke the camel’s back happened yesterday when X happened.” But the other call, the one we mentioned earlier, which is, “I am 90% happy. I am growing exponentially. I get time to coach my kids’ soccer game. I have great quality of life. I have a great team. I’ve been here 30 or 40 years, and life is good. I’m watching more of my colleagues go or I’m feeling more pain,” fill in the blank for whatever that is. “Even though I’m 90% happy and I’m 100% convinced I don’t want to move, that moving is a hassle, I can’t not see the handwriting on the wall and I at least need to get educated.” So let’s assume that we get one of those calls. The reason I am calling out the difference between the two is because the time it takes to do the due diligence is usually different. If someone is already at the point where they know that they’re unhappy and likely to move, the due diligence process usually runs quicker. The due diligence process for somebody that’s mostly happy and just beginning to get curious, sort of the latter example, might take a little longer. Jason Diamond: Give me some real parameters to it. Mindy Diamond: Well, I’d love to hear what you think. What’s swirling in my head, it’s all over the map, but I’m going to say typically six months. Jason Diamond: Six months was the number I was about to throw out as well. And I think the quickest you want to do this is three months. Anything beyond that starts to be basically a fire drill. We’ve done deals quicker than that obviously, an advisor’s going to or has been terminated. But I think six months in earnest is a good, healthy timeline. Especially, by the way, because a lot of firms are busy, we’re hearing this from a lot of the firm side of things these days. Depending upon what firm you’re moving to, you need to make sure that the firm can handle you. You want to get their A team upon your breakaway and your transition, no matter what firm that is. Mindy Diamond: Do you think, Jason, that it’s six months from, “Gee, I’m a little curious. I want to start to look. I want to begin to do due diligence. What does that look like?”, to, “My butt is in a new seat”? Jason Diamond: No. Because I think in the example where you’re just like, “Eh, I’m a little unhappy,” those early innings conversations typically play out slowly because the guy who’s 90% happy is in no rush to say, “Set me up with a bunch of firms, and let’s talk about it.” In those instances, it could take a year and a half because I think what happens really there is then there’s a catalyst event that takes them from your category two to category one. Right? They went from a little unhappy, just curious, to the straw that broke the camel’s back. And that’s when then they shift into the more… or they say the firm has… A good example, UBS, upset a lot of advisors with the compensation plan. They recently walked back a lot of those changes. I’m certain there will be some advisors who say, “This is a nod to attrition. I’ve seen from management what I need to see, and I’m going to stay put.” Equally, probably plenty of advisors who say, “It’s too little too late.” Mindy Diamond: Let me say something, and again, not to make this episode at all about this team in Atlanta, but that was a ten-year conversation for us. Literally, 10 years ago, maybe even 12 years ago, but let’s say 10, one of the senior partners on the team had called to say, “Curious, really happy, doing incredibly well. Zero chance we are moving in the next year or two or five.” But look, what don’t we know? And every year, we would then have a conversation about what the landscape looked like. But I’m going to say it was six years ago when the conversation shifted from, “Really happy, convinced we’re staying,” to, “starting to think we might leave at some point,” but another six years until this really happened. Now, that’s a good example because they were going independent. The transition itself probably took a year, year and a half. Jason Diamond: And the size and complexity of the team, by the way, probably amplifies that as well. Mindy Diamond: Well, there are outliers on either side, and that’s the point I wanted to make. Correct. Jason Diamond: Very fair. I’m glad you bring that up because there’s no cookie-cutter answer. It totally depends on the makeup of the business, where you’re going, how you’re going, when you’re going. I think we have time for two more questions, and I want to make sure we get to this because we’ve talked about this through the lens of the advisor and the advisor’s team. We haven’t talked much about the client experience, and that is clearly self-portability, in general, is something that gives advisors anxiety rightfully so. I think if you could tell a lot of advisors with 100% certainty that their book would move, I think many more would be interested in moving. I think concerns about portability, a lot of times, would keep advisors in seats. I guess what I’m getting at is because that initial client conversation is so important, is there anything you coach advisors to think about or to say to clients or potential clients as they consider a change, a transition? Mindy Diamond: Well, you have to be mindful certainly of your own employment agreement and legal considerations of pre-soliciting- Jason Diamond: Important point. Mindy Diamond: No way are any of us advocating for pre-solicitation. But you do have to have a pretty good sense in your mind without asking the client specifically, who is likely to come and who not. And the determination, the sort of hypothesis or the supposition, of who will come and who will not has everything to do with where you’re going and the value proposition, “Will I be able to make a compelling enough point? Will I have compelling enough reasons where it’s not about me, the advisor, it’s about you, the clients, about how I will better be able to service them? And if I’m able to say to a client, ‘If I make a move or I’m making this move and I’m now going to be able to do X, Y, and Z for you,’ I’m much more confident that they will be able to come?” In the case of this OpenArc deal, the Atlanta team, they did a lot of retirement plan business, so they had to be really concerned about how they were going to position this move and the new brand separating from Merrill brand, how they were going to convince their Fortune 500 clients that this was the right move. So it always has to start with what’s best for clients and how will I pitch it, if you will. Jason Diamond: I love how you answered that because it’s like two different answers to me. Part one is handicapping the portability, and that’s pre-transition during the due diligence process. Honestly, if you’re an advisor, you could do that now, right? If I were to make a move, “Here’s my client who I know with 100% certainty would follow me. Here’s the maybes, here’s the no,” you come up with a weighted average portability metric. I totally agree with you on that. And then the second piece of it is you have to be constantly thinking this option might sound the best to you, but remember, and I agree, not pre-solicit, but post-transition, you’re going to have to sell it to your clients. So you need to be thinking about every conversation you have with every firm through that lens. Do you agree with that? Meaning I’m going to move my business from UBS to Morgan Stanley. You get paid a big check, but can you articulate the clients- Mindy Diamond: Yeah, 1000%. It’s such a good point because, and we’re going to give you some inside baseball here, the number one question that any advisor who is in traffic with any firm or any model needs to ask is, put words in my mouth, “If we were fast forwarding to the day I made a move and joined your firm or joined your model, help me to understand what would the pitch to my clients sound like.” And then, you need to sort of absorb that pitch from the perspective of your clients. Put yourself in the shoes of your oldest clients, of your youngest clients, of your most important clients, of your middle-of-the-road clients, of your middle net worth clients, of the institutional clients, fill in the blank, “Does that value proposition fit?” That is one of the best ways to assess whether a firm or an opportunity is better enough or good enough for you. Jason Diamond: It’s such a good answer, and I love the inside baseball look there. Also, by the way, it has this side benefit of you’re forcing the managers or the recruiters to articulate almost like a succinct value prop on their firm. Right? Tell me, hypothetically, what would I say to clients about, and you’re just picking on Morgan, “Why is Morgan Stanley better than my current firm?” And that answer ought to be compelling. In closing, I want to wrap this up with a question around the difficulty of a move. You’ve been in this business now 30 years, I think it’s almost exactly 30 years. Has it gotten easier logistically to transition? And do you see that trend continuing, let’s say, because of partially things like AI, DocuSign and the like? What are your thoughts on the nuts and bolts of transitioning? Mindy Diamond: There’s no question it’s gotten easier. There’s no question that, from a legal perspective, the advent of broker protocol certainly makes it less scary or less risky to make a move. But there are plenty of moves that are made as a non-protocol move, and that’s not always the case. And the ecosystem, I should say, has gotten better to support the advisor in transition. Legal counsel, all they do all day long is facilitate these moves. Third-party consultancies, people like us that have been at it 30 years and have seen it all, and all the mistakes have already been made, we know how to do it. But with that said, moving is a hassle. No matter how much better the support system has gotten, no matter how many times a manager or a firm has transitioned advisors, it is a hassle to move. It is disruptive. It is a lot. And again, this statement is not going to win me a place in the headhunter hall of fame, but you should absolutely not consider a move unless you have the appetite for some risk, for some breakage, meaning some loss of clients, and you’re willing to shrink to grow, and you’ve got an appetite for some hassle factor to work perhaps harder for a short period of time than you have in a while. If you don’t have that, then no matter how unhappy you are, you really need to seriously consider whether moving is the best way to solve your problems. Jason Diamond: Yeah. It’s a really great way to tie a bow on this episode. It was a lot of fun. I’m excited. I think that would be 2037 based on your 12-year timeline. So the next $129-billion team, we’ll have to schedule that episode out for 10 or 12 years from now. But Mindy, thank you so much for sharing your years of wisdom and expertise with us. This was a fantastic episode. I had a lot of fun. Mindy Diamond: Yeah, I loved it too. Thank you, my pleasure. Jason Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. 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 road map 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.     The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between. It's Part 1 of a 2-Part Industry Update with Mindy Diamond. 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: Everything about a transition can seem incredibly overwhelming. From understanding the whys of a move, then conducting due diligence, and onto aligning the right models and selecting the best firms, it might seem like a fairly linear process. And for some, it can be. But for others, the layers of minutia can be daunting. Essentially, it comes down to the adage, “You don’t know what you don’t know.” So the goal of this episode is to share some inside baseball in how to get from here to there. I asked Mindy Diamond to join me to help draw from decades of experience in helping advisors through their transitions. We’ve dived into the misconceptions, the common

With Ricky Smith—Founder & Managing Partner, Inspired Wealth Planning Overview Jason Diamond speaks with Ricky Smith of Inspired Wealth Planning about leaving Edward Jones after 30 years, evaluating 12 firms, and building an independent business that grew to $1.25B in assets under care in less than three years. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Watch… https://youtu.be/cobAfEl0_To About this episode… What happens when you stop thinking like a renter and start thinking like an owner? Not just in theory, but in how you run your business, make decisions, and show up for clients. For Ricky Smith, that question didn't come at the beginning of his career. It came 30 years later, after building a highly successful practice at Edward Jones and beginning to see the business through a different lens. Today, Ricky is the founder and managing partner of Inspired Wealth Planning, the independent firm he built with Kestra Private Wealth Services. Since launching in March 2023, the firm has grown to over $1.25B in assets under its care across seven locations. What makes this story interesting isn't just the move—it's how intentional it was. Ricky didn't rush into independence. He spent a year evaluating 12 different firms and paths, clarifying what mattered most, and ultimately making a decision based on people and alignment, not just economics. Ricky shares his journey with Jason Diamond, including: His approach to due diligence—and why he dove deeper into the weeds before he was satisfied with his next steps. Reconsidering the wirehouse model—and why he felt independence was the best path forward. The “ownership mindset”—and how that drives his values and processes. The early phase of independence—and why it's less about growth and more about getting the structure right. Growing by 50%—and what “breakthroughs” he had in less than three years. Ricky offers the perspective that making the leap to independence may be “short-term hard,” but you're working toward building a business that's designed to be “long-term easy.” And there's another broader idea worth paying attention to: Most advisors don't lack options; they hesitate to act on them. Listen in for sage advice from an advisor who has lived in the wirehouse world and is now independent—and has realized the value of ownership. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants Edward Jones Advisor Transition Report 2025This “firm-focused report” seeks to look under the hood at movement to and from Edward Jones from January to June of 2025. The Cost of Clarity: What Advisors Stand to Gain and Lose When Their Firm Shows Its HandWhen firms become explicit about who and what they value, it's time for advisors to read those signals and respond. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2Jason and Mindy Diamond revisit the transition playbook, this time focused on how advisor priorities are shifting. From AI and enterprise value to stability and flexibility, they unpack what's changing in due diligence and what it means for advisors evaluating their next move. Ricky SmithManaging Partner Ricky Smith is the founder and Managing Partner of Inspired Wealth Planning. Inspired Wealth Planning is group of like minded veteran financial advisors who serve their clients and local communities across Georgia and now even Ohio. Before founding Inspired, Ricky worked as a financial advisor for 39 years. Primarily as an employee of a nationwide financial firm. Wanting to have more control over the outcomes for clients, his team and his own career, he left the employee model to join an independent firm – Kestra Private Wealth Services. After opening the Kestra based office, other advisors inquired about joining Inspired. Within the first 36 months, Inspired grew to 7 locations, 10 advisors, 14 support staff and over $1.2 billion in assets under care. In February 2026, Inspired was selected as the Outstanding Business of the Year for Kestra Financial (the parent company of Kestra Private Wealth). This was the first time that any firm from Kestra Private Wealth had ever been selected for that award. In early April the firm was on the cover of Advisor Hub magazine and in mid-April, Ricky was selected for the Forbes/Shook Best in State Wealth Advisors for the state of Georgia. An Honor that he has received 3 times in the past 5 years. Ricky lives in Cordele Georgia with his wife, Patti and their tuxedo cat Oreo. They have a daughter, Brooke, who lives in Maryland. Ricky has been a loyal member and participant with the local Chamber of Commerce for 42 years, serving as chairman in 1999. He and Patti are long-time members of Cordele First Church and supporters of the local chapter of Celebrate Recovery.

With Ben Domingue, Founder & Managing Partner of Family Office Partners Overview Louis Diamond speaks with Ben Domingue, Founder of Family Office Partners, on his move from UBS PWM to independence—why control became essential, and how building his own firm reshaped how he serves entrepreneurial clients. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Watch… https://youtu.be/OQHKoj_n8Y8 About this episode… Many advisors build impressive businesses within large firms—serving entrepreneurs by helping them navigate liquidity events, capital decisions, and growth strategies. But they're still operating within someone else's structure. And over time, a gap can develop between what you're advising clients to do… and what you can actually execute yourself. For Ben Domingue, that gap became a turning point. After more than two decades at UBS Private Wealth Management, where he built a $2B ultra-high-net-worth practice, Ben became increasingly aware of the tension between the advice he was giving and the constraints of the platform he was operating within. So he decided to leave and build Family Office Partners alongside Elevation Point—not to replicate what he had, but to design something different. A firm where he could “eat his own home cooking” and operate with the same level of control and flexibility his entrepreneurial clients expect. In this episode with host Louis Diamond, Ben shares what that shift really looks like, including: The decision to leave UBS—and why he wanted to not replicate what he had, but to design something different. The lessons learned in serving entrepreneurs—and how that transformed his own mindset and business practices. The limitations at UBS—and its impact on how advice was delivered, and solutions were sourced. The reality of “getting bigger”—and why it wasn't about scale for its own sake, but about building the capabilities his clients actually need. Choosing Elevation Point—and why they were the right partner for their independent firm. This conversation offers a clear look at what changes when an advisor moves from producer to owner—and how that shift can reshape growth, service, and long-term strategy. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Elevation of Independence: Jim Dickson on Building Real Enterprise ValueLouis Diamond speaks with the founder and CEO of Elevation Point about building a next-generation independent platform focused on ownership, minority capital, data strategy, and scalable, durable advisory firms. Intentional Growth: How Top Advisors Build Businesses That LastStrong markets can drive growth, but durable wealth management businesses are built with intention. Jason Diamond outlines five practices top advisors use to create scalable firms designed to last. Diamond Consultants UBS Advisor Transition Report 2025This “firm-focused report” seeks to look under the hood at movement to and from UBS from January to June of 2025. Benjamin T. DomingueFounder | Managing Partner Ben is a Founder & Managing Partner of Family Office Partners, an independent multi-family office that works with founders, entrepreneurs, family offices, and ultra-high-net-worth families. With over 25 years of experience, he has guided clients with a range of complex needs while working closely with several members of their firm for more than two decades. Prior to founding Family Office Partners, Ben spent 20+ years at UBS — including 11 years in its Private Wealth division where he served as Managing Director and was among the firm's Chairman's Club advisors. He advised some of UBS's largest, most complex client relationships, specializing in private‐company ownership and significant liquidity transactions.¹ While there, he founded the Exit Planning & Wealth Consulting Group, coordinating with internal and external resources to address the complex needs of families and businesses, supporting over 40 transactions. Ben also frequently spoke on topics related to family wealth and the intricacies of private company transitions to other advisors and industry groups. His experience reinforced the view that solutions are rarely contained within a single institution, which led him and his partners to pursue a more collaborative, open-architecture business model focused on identifying the right resources, regardless of their origin, to best serve clients. Family Office Partners was built on that insight. For Ben, the firm embodies a model built around an expansive matrix of specialists who have the experience of addressing real-world challenges faced by founders, entrepreneurs, and families, especially those navigating the complexity of private company ownership. What makes this work most rewarding for him is the significant learning he has gained from the clients themselves, leaders, innovators, and stewards of generational success. And for Ben, the most humbling aspect has been their desire not only to achieve their own goals but to contribute to the success of the firm and other families in similar positions. Ben is married to Dana and has two children, Abby and Luke, both students at Louisiana State University. My commitment to clients goes beyond managing wealth; it’s about partnering on critical family and business decisions that shape legacies for generations. I strive to cultivate deeply personal trust, built on over two decades of shared experience and collaborative problem-solving.

About the Episode:In this episode of Inspired Changemakers, Julia Healey sits down with Jason Diamond, President of Diamond Consultants, to explore how the role of the financial advisor is evolving and why education and adaptability are key to long-term success. With experience at both Merrill Lynch and Morgan Stanley before starting Diamond Consultants, Jason brings a unique perspective shaped by working with some of the industry's most sophisticated advisors.Jason shares how advisors are moving beyond transactional models toward more relationship-driven practices, while navigating challenges like growth, succession planning, and a shifting client base. As investment management and financial planning become “table stakes,” differentiation has never been more important.Julia and Jason also discuss the powerful lens on philanthropy, highlighting how tools like donor-advised funds can help advisors deepen relationships and align clients' wealth with their values. Together, they unpack the growing influence advisors have not just on financial outcomes, but on legacy, purpose, and long-term impact.Connect with Jason: LinkedIn: https://www.linkedin.com/in/jason-diamond/Diamond Consultants: https://www.diamond-consultants.com/Join our community of Inspired Changemakers!The Inspired Changemakers Podcast spotlights people turning purpose into action. Each episode features a new guest sharing their journey, insights, and projects making a difference in their communities and beyond. Listen in, learn, and get inspired to take your next step!You can find us on:FacebookInstagramLinkedInYouTubeBuzzSproutSupport the show

With Ryan Guth, Founder, Goldfin Group Overview Jason Diamond speaks with Ryan Guth, Founder of Goldfin Group, on moving beyond Edward Jones to build a business defined by control, differentiation, and entrepreneurial alignment. It's a thoughtful conversation about independence, and what it really means to build a business that fits your clients, your strengths, and your long-term vision. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Watch… https://youtu.be/SRQSjRbtRzY About this episode… Advisors usually don't set out seeking change. In fact, the opposite is usually true. They build within a system, take advantage of the opportunities in front of them, and grow something meaningful over time. And for a while, that alignment works. But over time, priorities evolve. What once felt like the right environment can start to feel limiting: whether it's how you serve clients, how you present yourself in the market, or how much control you really have over the direction of your business. And that's where things begin to shift. In this episode, Ryan Guth, Founder of Goldfin Group, talks through that evolution in a very real and practical way. Ryan started his career at Edward Jones – an experience he still speaks very highly of – but ultimately decided to go independent to build a business that better reflected how he wanted to serve his entrepreneurial clients and express his entrepreneurial instincts. What makes Ryan's perspective especially interesting is his background. Before wealth management, he was a musical conductor. And that lens carries through into how he thinks about the advisor's role today—not as someone focused on products or portfolios, but as the person coordinating all the moving parts of a client's financial life. Ryan unpacks it all with Jason Diamond, including: The decision to leave Edward Jones—and what he was looking to gain in independence. The importance of marketing—and how “differentiation” plays a major role in Goldfin's success. The inside view of a transition—and what other advisors can learn both operationally and strategically. The alignment of his values and mindset with those of his clients—and how being an entrepreneur became more important over time. The impact of acquisitions—and Ryan's firsthand perspective on the acquisition of his broker dealer, Atria. It's a thoughtful conversation about independence, but more importantly, it's about what it really means to build a business that fits your clients, your strengths, and your long-term vision. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Player or Coach? Why Every Advisor Eventually Has to Choose As advisory firms grow, founders often face a critical inflection point: double down on being a top producer or evolve into a leader who builds lasting enterprise value. The Annual Report on Recruiting, Deals, and Transitions A companion to our annual Advisor Transition Report, Jason Diamond and Louis Diamond unpack what's driving advisor movement in 2025, and what the data reveals about control, growth, and where the industry is heading. IBD vs. RIA – Which Model Fits Your Future This guide offers a clear, side-by-side view of the two models—including distinctions between the DIY route of building an RIA from scratch and opting for a supportive independence platform to help align your business goals with greater options and opportunities. Diamond Consultants Edward Jones Advisor Transition Report 2025 This “firm-focused report” seeks to look under the hood at movement to and from Edward Jones from January to June of 2025. Have You Outgrown Your IBD or the Model Itself? Spending years inside the independent broker dealer framework can eventually spark a deeper reckoning. Advisors begin to look beyond the logo on the statement and ask a more fundamental question: does this structure still align with the future they're building, or has their business outgrown its foundation? Ryan Guth Founder​ I lead Goldfin Group from Franklin, TN and Albuquerque, NM, where I combine strategic financial guidance with a deep understanding of entrepreneurs' pivotal transitions. My leadership reflects a blend of professional insight and personal commitment, guiding clients toward aligning their financial strategies with their God-given purpose and gifts. I am a CERTIFIED FINANCIAL PLANNER™ professional. ​I am married to my wife, Amanda, and am the father to three boys. I enjoy all things entrepreneurial and am always on the lookout for new and innovative ways to solve bigger problems for more people, so they can be a greater force for good in the world. I recently became an author in 2024 with my first book Permission to Exit: Prepare to Sell Your Business Without Regret. In my spare time, I enjoy CrossFit, reading/listening to books and podcasts, and finding ways to serve through ministry.

George Noory and author Jason Diamond explore his science fiction novels and how the human spirit can overcome disasters in the world, why hate is holding humans back from coming together on Earth, and if aliens are hiding themselves from us until civilization unites in peace.See omnystudio.com/listener for privacy information.

With Jason Diamond and Louis Diamond Overview A companion to our annual Advisor Transition Report, Jason Diamond and Louis Diamond unpack what's driving advisor movement in 2025, and what the data reveals about control, growth, and where the industry is heading. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Watch… https://youtu.be/JJGz4N0Y4UI About this episode… After thirty years of counseling financial advisors – including many of the most successful in the industry – we started to see patterns emerge. Sure, every advisor's situation is unique. And firms evolve, markets change, and business models shift. But the underlying questions advisors wrestle with around control, growth, and enterprise value tend to repeat themselves. Increasingly, the answers to those questions are revealed in the data—that is, when you know where to look. This is exactly why we go through the yearly process of creating our Advisor Transition Report. And this year's edition doesn't disappoint. (If you haven't downloaded your copy yet, get the latest edition here.) Just from raw numbers alone, here's a spoiler alert: 11,172 experienced advisors changed firms in 2025 compared to 9,615 in 2024. In this companion podcast episode, Jason and Louis take a deeper dive into the data and provide additional color on: What's actually driving that level of movement? Where are advisors going and why? Which firms are the winners? And who's losing the recruiting game? What models have become most attractive to advisors and why? What's the impact of AI on the role of the advisor and movement—and how will it shape the industry at large? How is the balance of power between advisors and firms evolving? Plus, they dive into some real-world transition case studies to further illustrate what's driving change. It's an episode that provides an inside perspective on the trends behind advisor movement and recruiting, and the potential impact on advisors and business owners alike. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The 4th Annual Advisor Transition ReportA data-driven look at where advisors are moving, why they're making changes, and what it means for your business in 2026.

With Todd Stankiewicz, President & CIO, and Joe Castiglie, COO & CIO – SYKON Capital Overview Todd Stankiewicz and Joe Castiglie of SYKON Capital join Jason Diamond to discuss redefining success after Merrill, launching their own RIA, and how independence allowed them to combine institutional-caliber investing with behavioral insights to deliver peace of mind to clients. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Watch… https://youtu.be/EoWNsiS_-AA About this episode… For many advisors, success at a wirehouse is relatively easy to measure by assets, production, and growth. But what happens when those metrics don't reflect what should come by way of success—that is, a sense of feeling fulfilled? This episode dives into the moment when two successful Merrill advisors realized that growth alone wasn't the true measure of their success: it was delivering on their vision of providing real peace of mind to their clients. And that required a broader toolkit than the traditional model allowed. So, Todd Stankiewicz and Joe Castiglie decided to launch their own RIA, SYKON Capital, and build a firm grounded in full control from investment philosophy to client experience to culture. With Jason Diamond, Todd and Joe unpack their story, including: The turning point in their conversations—and when it shifted from “We're building something successful here,” to “We might want to build something of our own.” Their definition of success—and how it evolved over time. Their introduction to the independent community—and why it changed their perspective. Their unique combination of institutional-caliber investment management and behavioral insight—and why they felt they could only achieve it in an independent model. The operational and leadership perspective—and what they found to be the biggest and most surprising challenges in launching an independent firm. For advisors who are successful where they are — but quietly wondering if there's more on the other side — this conversation will challenge how you define control, growth, and impact. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants Merrill Advisor Transition Report 2025 This annual “firm-focused report” takes a closer look at advisor movement to and from Merrill during the first half of 2025. Intentional Growth: How Top Advisors Build Businesses That Last Markets can be a tailwind, but building a durable business requires intention and a plan. Here are 5 core practices from the industry's elite. Why So Many Successful Advisors Feel Stuck They've built thriving businesses. Strong production. Loyal clients. Growing teams. So why do so many successful advisors quietly wonder, “Why doesn't this feel as good as I expected?” This episode tackles the psychology of success and what comes after it. Todd Stankiewicz President, CIO As President and Chief Investment Officer of SYKON Capital, I lead a firm built around one simple idea: it's not just about the money, it's about what your money enables you to do. We combine values-based financial planning with institutional-grade investment management, all grounded in behavioral insights. That means fewer cookie-cutter strategies and more tailored, actionable guidance that meets you where you are, and helps you get where you want to go. Whether you’re navigating a major life transition, looking to scale your wealth, or simply want more clarity and control, we're here to simplify the complex and deliver advice that actually feels personal. Because at SYKON, we don't just manage portfolios. We help people live better, more intentional lives. Joseph P. Castiglie III CFA As Chief Operating Officer and Chief Investment Officer of SYKON Capital, I am responsible for leading the firm's investment strategy and overseeing day-to-day operational excellence — all with a singular focus: helping clients achieve meaningful, lasting financial outcomes. At SYKON, we work to ensure every element of the client experience is intentional, streamlined, and aligned with each individual's goals and stage of life. From portfolio design to strategic planning and firm-wide processes, my approach reflects SYKON's mission to meet clients where they are and guide them with clarity and care. By combining disciplined investment oversight with practical, real-world insight, I help deliver personalized financial strategies that support confident decision-making and long-term success.

With Dennis Morton, Founder and Senior Wealth Advisor at Morton Brown Family Wealth Overview For Dennis Morton, succession isn't a future problem, it's a leadership obligation. Drawing on his experience as an Army platoon leader and co-founder of an independent firm, he shares how technical competence, accountability, and bold goals drive culture, next-gen leadership, and a business that can thrive beyond any one person.  Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… In wealth management, success is often measured by assets, growth, or longevity. But there's another measure that's harder to quantify and far more revealing: whether the business you've built can thrive without you at its center. For Dennis Morton, succession isn't a future problem to solve. It's a leadership obligation. Before co-founding Morton Brown Family Wealth with his partner Katie Brown, Dennis served as a platoon leader in the U.S. Army, including a deployment during the Iraq War. That experience shapes how he approaches leadership today: you have to be technically and tactically competent—but just as important, you have to be accountable to the people you lead. Without this combination, execution breaks down. In this conversation with Jason Diamond, Dennis discusses how that mindset directly informs how Dennis has built his firm, as well as: The road to financial advice—and how a poor experience with an advisor led him to consider joining a training program at Smith Barney. Finding the right partner—and how the ability to be “authentic” drives collaboration. The value of independence—and how it gave them the freedom to communicate openly, market authentically, and simplify complexity for clients. Setting bold, audacious goals—and how that creates clarity for leadership and teams. Cultivating next-generation leaders—and how it became central to his success strategy, not as a contingency plan. His leadership philosophy—and why he feels “you're not a success without a successor.” This is an episode about stewardship, leadership, and building something that lasts beyond any one person—with important messages for individual advisors and business owners alike. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Advisors Late in Their Careers: Making Decisions Based on What Matters Most How clarity, legacy, and clients – not just simplicity – should guide your final career choices. Wealth Management Landscape at a Glance We created this “at a glance” continuum infographic—to help you navigate the different models and understand how their features stack up. An Advisor's Guide to 2026: What 2025 Set in Motion and What Comes Next As 2026 comes into focus, advisors face a new set of strategic questions. This Industry Update explores the forces reshaping growth, deal structures, and enterprise value—and what those shifts may signal for the new year and beyond. Dennis Morton Co-Founder & Senior Wealth Advisor Dennis Morton is the Co-Founder of Morton Brown Family Wealth, a boutique Registered Investment Adviser headquartered in Eastern Pennsylvania, serving individuals and families nationwide. He is a speaker, podcast host, and industry thought leader known for his human-first approach to leadership, culture, and client experience. Founded with a vision to transform the way people experience financial advice, the firm has grown steadily through a relationship-driven model and a strong emphasis on developing people and building meaningful relationships. Dennis leads with a unique blend of strategic thinking, emotional intelligence, and long-term perspective. His advisory relationships are built on trust, deep connection, and a belief that financial planning should serve the whole person, not just the numbers. He is passionate about developing people, building sustainable teams, and creating an environment where both clients and professionals can thrive. A U.S. Army veteran, Dennis was awarded a Bronze Star for his service during Operation Iraqi Freedom. His military experience shaped his leadership style, instilling discipline, accountability, and a strong sense of responsibility. He brings authenticity and integrity into every aspect of his work, with a constant focus on doing what's right for clients, colleagues, and the community. Dennis's path to financial advising is unconventional. After earning a degree in history, completing four years of military service, and working in corporate management, he felt called to pursue financial advising. His early experience at a Wall Street wirehouse left him dissatisfied with the limitations of the traditional model, prompting him to leave and build a firm centered on fiduciary responsibility, personal connection, and holistic planning. Deeply rooted in the Lehigh Valley community, Dennis is actively involved in local leadership and service initiatives. This commitment to giving back is embedded in the culture of Morton Brown, where community engagement and meaningful connection are core to the firm's mission. Dennis is a devoted husband and father of four. Outside the office, he enjoys trail running, fly fishing, hiking, and music. A self-taught guitarist, he values the collaboration and connection music fosters and is intentional about building community among peers through shared interests and experiences. Also available on your favorite podcast app and other media sites

Matt Wallin, Jason Diamond, and Mike Seymour inhabit Pandora once again for the latest Avatar: Fire and Ash. The team discuss the third epic science fiction Avatar film directed by James Cameron, who co-wrote the screenplay with Rick Jaffa and Amanda Silver.

With Jason Ozur, Founding Partner, Chief Executive Officer, Lido Advisors Overview As firms pursue scale, advisors face a critical question: how do you grow without compromising the client experience? Jason Ozur joins the show to explore what intentional growth really looks like and what scale can enable when culture and clarity come first. Watch… Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Over the last decade, scale has become one of the defining themes in wealth management. Larger firms promise broader resources, deeper infrastructure, and expanded opportunity. But they also raise a fair question: at what point does growth begin to work against the client experience it's meant to enhance? That's the center of today's conversation. Jason Ozur and his partners at Lido Advisors have built one of the largest RIAs in the country, managing more than $40B in assets, while maintaining a family-office mindset and a distinctly client-first culture. What's notable is not just the firm's growth, but how intentionally it has been pursued. Jason talks about Lido's growth story and more with Jason Diamond, including: The real constraints on growth—and the roles of culture, capital, and clients. The role of the wirehouses in the modern landscape and how the RIA model differs. The realities of scale—and what it enables when done thoughtfully. The concept of “bigger is better”—and why Jason sees that as an oversimplification. Integration versus aggregation—and how Lido evaluates acquisitions. The evolving role of private equity in the RIA space—and why access to capital doesn't have to come at the expense of independence or client outcomes. It's a candid look at what sustainable growth actually means—and what advisors and owners should consider as firms across the industry continue to grow. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Is Scale a Necessary Evil in Wealth Management? Scale can provide a competitive advantage. Yet there might be scenarios in which bigger isn't always better. How to Set Up Your Business to Maximize Enterprise Value Jason and Louis Diamond explore strategies for maximizing enterprise value, whether or not an advisor plans to move. Learn actionable insights, key business practices, short-term vs. long-term tactics, and real-world examples. IBD vs. RIA – Which Model Fits Your Future This guide offers a clear, side-by-side view of the two models—including distinctions between the DIY route of building an RIA from scratch and opting for a supportive independence platform to help align your business goals with greater options and opportunities. Jason Ozur Chief Executive Officer Jason Ozur is the Chief Executive Officer of Lido Advisors, where he considers client focus central to his leadership and devotes significant time and attention to the individuals and families he serves. Based in Los Angeles, he also serves as Co-Chair of the investment committee, overseeing Lido's alternative investment platform and leading due diligence on real estate oriented strategies. A Certified Public Accountant, Jason earned his B.S. from California State University at Northridge before beginning his career in public accounting. He worked as a CPA performing audits, preparing tax returns, and providing back-office services for numerous hedge funds. In 1999, he joined a large family investment office, becoming part of the team that managed the family's substantial investments. During this time, he also served as CFO of the family's worldwide water conservation company, which operated in more than 22 countries, and later provided financial oversight as controller for a multi-billion-dollar Los Angeles–based hedge fund. In addition to his executive and investment responsibilities, Jason is deeply committed to shaping Lido's culture. He takes an active mentorship role within the firm, fostering an environment rooted in progression, excellence, and integrity. Also available on your favorite podcast app and other media sites

In this episode of The VFXShow, Matt Wallin, Jason Diamond, and Mike Seymour dive into Guillermo del Toro's long-awaited passion project: Frankenstein.

Kaplan's Plot by Jason Diamond is a riveting read where home, past and present collide in one gripping family mystery. Jason joins us to talk about releasing his debut novel, haunting the narrative, Chicago, empathy, redemption and more with cohost Isabelle McConville. This episode of Poured Over was hosted by Isabelle McConville and mixed by Harry Liang.                     New episodes land Tuesdays and Thursdays (with occasional Saturdays) here and on your favorite podcast app. Featured Books (Episode): Kaplan's Plot by Jason Diamond The Sprawl by Jason Diamond Searching for John Hughes by Jason Diamond On Writing by Stephen King It by Stephen King White Teeth by Zadie Smith The Great Gatsby by F. Scott Fitzgerald 1000 Words by Jami Attenberg The Ecstasy of Influence by Jonathan Lethem  

Jason Diamond is the author of the debut novel Kaplan's Plot, available from Flatiron Books. Diamond is the author of Searching for John Hughes, The Sprawl and co-author ofNew York Nico's Guide to NYC (with Nicolas Heller). His work has been published by the New York Times, Esquire, The New Yorker, GQ, The Paris Review, and many other outlets. He publishes the newsletter The Melt, was born in Skokie, Illinois, and currently lives in Brooklyn with his wife and daughter. Kaplan's Plot is his first novel. *** ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Otherppl with Brad Listi⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is a weekly podcast featuring in-depth interviews with today's leading writers. Available where podcasts are available: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, etc. Get ⁠⁠⁠⁠⁠⁠⁠How to Write a Novel,⁠⁠⁠⁠⁠⁠⁠ the debut audio course from DeepDive. 50+ hours of never-before-heard insight, inspiration, and instruction from dozens of today's most celebrated contemporary authors. Subscribe to ⁠⁠⁠⁠⁠⁠Brad's email newsletter⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Support the show on Patreon⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Merch⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bluesky⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Email the show: letters [at] otherppl [dot] com The podcast is a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠proud affiliate partner of Bookshop⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, working to support local, independent bookstores. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Jason Diamond's novel, Kaplan's Plot, Elijah's mother is dying, and she is sharing some family secrets he never knew before— including that the family owns a cemetery and his grandfather was a gangster in Chicago. In this family, the relationships across generations have always been fraught, but now they must find a way to a reckoning and walk together toward acceptance of exactly who they are. Jason Diamond is the guest on this episode of Book Public.

Jeff talks with Sasha Bonét about her memoir, The Waterbearers. Then, Jason Diamond joins to talk about his debut novel, Kaplan's Plot. Subscribe to First Edition via RSS, Apple Podcasts, or Spotify. For episode extras, subscribe to the First Edition Substack. This content contains affiliate links. When you buy through these links, we may earn an affiliate commission. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today is a really special episode for Matt in that we dive into two of his great loves: food and fiction. In this episode, he catches up with two authors and journalists he has deep respect for: Ed Park and Jason Diamond. Ed is the author of the terrific new short story collection An Oral History of Atlantis and a finalist for the Pulitzer Prize. We talk about the 1990s and Ed's past life working at the Village Voice. Food is at the center of Ed's life (it's why we love Ed so much), and we talk about his Korean American household in Buffalo and the modern Korean restaurant scene.  On to Jason Diamond. The guy wrote a terrific debut novel, Kaplan's Plot. It's a story set in Chicago in both modern times and the 1920s, and yes, there are gangers—but also some amazing food scenes. We get into what drives Jason to write deeply researched scenes that celebrate Chicago's Jewish diaspora. Yes, liverwurst and the classic Chicago hot dog get some ink. Subscribe to This Is TASTE: ⁠⁠Apple Podcasts⁠⁠, ⁠⁠Spotify⁠⁠, ⁠⁠YouTube⁠⁠  Learn more about your ad choices. Visit megaphone.fm/adchoices

With Mike Durbin, CEO of Cetera Financial Group Overview The CEO of Cetera Financial Group shares insights on independence, private equity, and balancing scale with service, plus what the future holds for advisors and firms. Watch... Listen in... > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode... The wealth management industry is at an inflection point—where scale, service, and strategy all collide. Drawing on 35 years of industry experience and leadership roles at Morgan Stanley, Fidelity, and now Cetera, Mike Durbin offers a unique perspective on the forces shaping the world as we know it. Since joining Cetera in 2023, Mike's led the firm through rapid expansion—balancing the resources of a $600B+ national platform with a boutique-level advisor experience. From multi-channel affiliation models to tech and AI integration, his strategy centers on one thing: helping advisors grow faster, smarter, and more sustainably. In this episode, Jason Diamond and Mike discuss: The future of independent wealth management—and how it stacks up against the wirehouse model. Cetera's differentiators in today's competitive recruiting environment—and why its “big feel, small approach” matters. The role of technology and AI—and how they're driving efficiency, personalization, and advisor capacity. Private equity's influence on the industry landscape—and what it means for long-term strategy. Lessons from leadership roles at Morgan Stanley and Fidelity—and how those experiences shape his vision at Cetera. Where the biggest opportunities lie ahead for advisors—and what excites him most about the next decade. Whether you're an advisor evaluating your options or a leader navigating change, Mike's candid perspective provides clarity on what it takes to thrive in today's environment. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. RIA, IBD or somewhere in between: Which version of independence is right for you? As the independent space continues to expand, prospective breakaway advisors often have a hard time deciding between different individual models and options. These 5 questions can help point you in the right direction. Disclaimer: This material is for informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell any security. Opinions may change without notice. Forward-looking statements, including projections or estimates, are not guarantees. Past performance is not indicative of future results, and all investing involves risk, including loss of principal. “Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Wealth Services LLC (f/k/a Cetera Advisor Networks), Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are members Member FINRA/SIPC. Mike Durbin Chief Executive Officer Mike Durbin is chief executive officer of Cetera Financial Group and a member of Cetera's board of directors. In his role as CEO, he oversees Cetera's growth initiatives, from expansion into new and adjacent markets to evolving Cetera's existing capabilities for the financial professionals and fina...

George Noory and author and screenwriter Jason Diamond discuss his new science fiction book, "Dire Days," and how humanity might evolve. They also take calls from listeners.See omnystudio.com/listener for privacy information.

In this episode, I sit down with world-renowned facial plastic surgeon Dr. Jason Diamond right here at the ranch for a revealing convo about all things beauty, aging, and how to truly feel your best in your skin. We talk about his early professional sacrifices (hello, credit card roulette nightmares), how he mastered the most natural-looking facelift techniques on the planet, and what exactly goes into a “Diamond Facial Rejuvenation.” He opens up about being part of the plastic surgery revolution on Dr. 90210, how he developed his own procedures like facial sculpting and the InstaFacial, and what he's doing now to integrate wellness, skincare, and longevity into his work for his patients. We get all the tea on the new era of plastic surgery, too. That means the truth about lip lifts, and the rise of procedures that make you more attractive not just younger. Plus some surprising talk about AI, stem cells, and a wild story involving the Kardashians and Brian Johnson.  Lastly, we get the skinny on METACINE: his new skincare brand inspired by The Diamond Face Institute's practices, procedures, protocols and people. Drawing on medicine-based knowledge, Dr. Diamond has created bio-engineered formulas that help skin reach its fullest potential. Obsessed!  Big thanks to FATTY 15 - our sponsor this week. Restore your long-term health. Head to fatty15.com/CATT for 15% off your first order. Learn more about your ad choices. Visit megaphone.fm/adchoices

Why do men wear shirts under their shirts? Are you forever doomed to wear the same clothes as your 32-year-old self? Why isn't male fashion more fun? Why are all these moms still buying clothes for their adult children? WHY IS EVERYTHING IN EARTH TONES? This week we welcome Jason Diamond to the show to answer all these questions — with side trips into slutty dad jorts, aspirational dad fashion, the joys of good tailoring, what it feels like when you put on something and really feel yourself, and just generally figuring out your style as an adult. This one's very fun and very funny — a perfect summer listen.Thanks to the sponsors of today's episode!Start your risk-free trial of the Mill food recycler at mill.com/cultureAdd Graza Olive Oil to your summertime patio party arsenal. Visit https://graza.co/CULTURESTUDY and use promo code CULTURESTUDY today for 10% off of the TRIO!Get $35 off your first box of wild-caught, sustainable seafood—delivered right to your door. Go to https://www.wildalaskan.com/CULTUREYour dog deserves the best. Get 60% off your first box of Ollie at ollie.com/culture, and enter code CULTUREJoin the ranks of paid subscribers and get bonus content, access to the discussion threads, ad-free episodes, and the knowledge that you're supporting an indie pod trying to make its way in the world. If you're already a subscriber-- thank you! Join us in the discussion thread for this episode! Got a question or idea for a future episode? Visit culturestudypod.substack.com To hear more, visit culturestudypod.substack.com

In this companion guide to the annual Advisor Transition Report, Jason Diamond and Louis Diamond share key findings and post-publication insights from the annual state of the industry, with updates on advisor movement, transition deals, and more.

Today on the show, we welcome one of our favorite writers in the game, Jason Diamond. Jason writes the wonderful newsletter The Melt and has written two books, Searching for John Hughes and The Sprawl: Reconsidering the Weird American Suburbs. He's also worked on the truly amazing New York Nico's Guide to NYC, which we talk about in this great episode. We get into what Jason has been eating and reading, and the Jason Diamond way of life. I always enjoy catching up with Jason, and I hope you enjoy this episode.Also on the show, we catch up with Vivian Song. Vivian wrote a terrific piece in the New York Times, “It's Zinc Bar vs. Barista in a Paris Battle of the Buzz,” and we hear all about the shifting coffee scene in Paris.Do you enjoy This Is TASTE? Drop us a review on Apple, or star us on Spotify. We'd love to hear from you. MORE FROM JASON DIAMOND:The Many Garlics of My Childhood [TASTE]Shattering the Jarred Pasta Sauce Stigma [TASTE]Luncheon with a Zabar [TASTE]See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hello New Hollywood hippies and malaise monkeys and all the ships at sea and welcome to A Very Good Year. If you've been listening you know we're retiring A Very Good Year and coming back with a whole new show for 2025.In the meantime we're looking back at the past 100 episodes by revisiting some of our favorite guests and our favorite movies by decade. This episode is massive, but it's the 1970s, arguably the greatest decade for film in the entire short life of the medium. The 70s years were always the first to go when we were booking guests for the show and they do not disappoint.In this episode we've got podcasting superhero Blake Howard, author Charles Bramesco, author Alexandra Heller-Nichols, production designer Judy Becker who is currently getting rave reviews for The Brutalist, filmmaker Zach Clark, writer Jason Diamond, podcaster Brian Saur, writer/director Isabel Sandoval, historian Kevin Kruse, critic Sean Burns, writer/director and actor Noah Seegan, writer Alexandra West, critic Jordan Hoffman, media superstar Soraya Nadia McDonald, critic Katie Rife, author Scott Drebit, and director of photography Bradford Young with what might be the movie that has impacted me the most across the entire series. Enjoy! For show notes - including where to stream this week's movies, links to referenced media, and more - subscribe on Buttondown at https://buttondown.email/AVeryGoodYear. https://plus.acast.com/s/a-very-good-year. Hosted on Acast. See acast.com/privacy for more information.

In this discussion, Dr. Jason Diamond and co-hosts David Meltzer and Lacey Book explore the impact of cosmetic surgery on self-esteem and societal perceptions of beauty. Dr. Diamond shares insights from his practice, emphasizing that cosmetic procedures should enhance a patient's natural self rather than conform to fleeting trends. Addressing both the positive personal outcomes and the pitfalls of societal pressures influenced by social media, he underscores the importance of honest patient assessments and the foundational role of skincare in maintaining youthful aesthetics. The episode also touches on successful business practices in the cosmetic industry, focusing on reputation and ethical patient care.00:00 Introduction: The Power of Feeling Your Best00:47 Exploring the Concept of Beauty01:58 Impact of Social Media on Beauty Standards04:16 The Role of a Plastic Surgeon08:49 Building a Successful Practice13:33 Celebrity Influence and Personal Branding15:47 Skincare and Preventative Measures20:32 Conclusion: Embracing Your Best SelfConnect with Dr. Jason:Instagram: https://www.instagram.com/drjasondiamond/Support the showJoin the #1 Community for Service-Based Entrepreneurshttps://www.blackdiamondclub.com Follow Shawn and Lacey on Social Media: https://www.instagram.com/drshawndill/ https://www.instagram.com/drlaceybook/

Join Alex Pike on "The Face" podcast as she delves into the world of plastic surgery and metacine with celebrity surgeon Dr. Jason Diamond. This episode explores cutting-edge aesthetic procedures and the revolutionary skincare line, Metacine, designed to bring clinic-level results to your home. Discover how Dr. Diamond's expertise in facial rejuvenation and innovative techniques are reshaping beauty standards. Whether you're a seasoned professional or simply curious about the latest trends in aesthetics, this episode offers insightful discussions and expert advice on achieving youthful, glowing skin.Disclaimer: The content of this podcast is intended solely for educational purposes within the Plastic Surgery & aesthetics industry. The views and opinions expressed by the hosts and guests are based on their professional experiences and do not constitute medical advice or a substitute for consultation with a qualified healthcare professional. Always seek the guidance of a licensed practitioner before making decisions related to medical or aesthetic treatments.See omnystudio.com/listener for privacy information.

Many advisors are drawn to independence for the control and equity-building potential it offers, yet find themselves wondering if monetization in the short term might be the better way to go. Jason Diamond and Mindy Diamond provide insights and guidelines to help advisors navigate these choices with strategies to assess factors like growth, profitability, succession planning, and short- vs. long-term goals.

Jason Diamond turns the tables on Mindy who offers a first-hand glimpse into her book, Should I Stay or Should I Go?, created specifically for financial advisors who are looking to optimize their businesses or thinking through the biggest decision of their lives.

Using the Diamond Consultants trademark data-driven analysis and insights on recruiting and deals, Louis and Jason Diamond share a “state of the recruiting industry” report for the first half of 2024, with perspectives on what to expect for the rest of the year. 

On today's episode I am talking with celebrity facial plastic surgeon, Dr. Jason Diamond. He is one of the top facial surgeons in his field and through this conversation you will understand why. The amount of research and experience he has to back his practice is truly admirable. We dive into how he developed his own unique treatments such as the Diamond Facial Sculpting and InstaFacial, creating custom facial implants, what procedures celebrities are doing, facelifts, and more. This is such an interesting conversation and I truly learned so much! Enjoy!To connect with Dr. Diamond on Instagram, click HERE.To check out the Diamond Face Institute, click HERE.To connect with Siff on Instagram, click HERE.To connect with Siff on Tiktok, click HERE.To learn more about Arrae, click HERE. To check out Siff's LTK, click HERE.To check out Siff's Amazon StoreFront, click HERE. This episode may contain paid endorsements and advertisements for products and services. Individuals on the show may have a direct, or indirect financial interest in products, or services referred to in this episode.Go to boncharge.com/DREAMBIGGER and use coupon code DREAMBIGGER to save 15%. Discover The Fabric of Now at TheFabricofOurLives.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Community Kevin Brannon, live from the first West Coast Outdoors & Sportfishing Expo at the Ventura County Fairgrounds, talks with special guests Andres Winokur of Paladin Professional Insurance Solutions; Noe Aguilar of Copy Max Systems, David Lopez of Snapdown Swimbaits; Jason Diamond (and his son Max) of Stardust Sportfishing (and others); and Big Willie Mays of Amaysing Fishing Bait & Tackle. See also Pt 2 with additional interviews. See the video at www.roughedge.tv. 

Celebrity facial plastic surgeon Dr. Jason Diamond joins me this week on TTFIO to talk all about botox, facelifts, facial sculpting, and more. Dr. Diamond has worked with celebrities like the Kardashians, Chrissy Teigen, and Katy Perry to help them look and feel their best. Today he is here to talk all about how he grew into one of the most highly sought-after plastic surgeons and the care that he provides. I ask him all your burning questions about facial plastic surgery: What procedures do celebrities ask for? What exactly is Ozempic face? Should celebrities disclose when they've had work done? All that and more! You'll definitely want to tune in. Check out Dr. Diamond's skincare line, Metacine, which is inspired by Dr. Diamond's practices and procedures: https://drdiamondsmetacine.com/ Also available as a video podcast on YouTube. Follow me on TikTok: https://www.tiktok.com/@allypetitti?lang=en Follow me on Instagram: https://www.instagram.com/allypetitti/ Al P's Three: https://open.spotify.com/playlist/27My1AtDVYwrb7kM0Ilqm2?si=2a70434127aa4519&nd=1 Host: Ally Petitti Producer/Editor: Eliza Laycock Camera/Audio: Jeremy Bassett and Tristan Pelletier Research: Jillian Himmelwright

In the Advisor Transition Report's companion podcast episode, Louis and Jason Diamond explore the key takeaways and their anticipated influence on activity during 2024 and beyond.

As long-time fans of reality television, we knew this episode's guest Dr. Jason Diamond from his appearances on programs such as Dr. 90210 and The Celebrity Plastic Surgeons of Beverly Hills, so we were thrilled to get a chance to speak with him about his career journey to becoming a world-renowned plastic surgeon and founder of The Diamond Face Institute. Tending to the faces of Hollywood A-listers wasn't always the plan for Dr. Diamond; he recalls a childhood dream of playing professional baseball, and facing his first feelings of rejection when he was cut from his freshman team. But this early disappointment proved to be something much bigger: it provided a “chip on the shoulder” that Dr. Diamond still uses as a motivator to this day, pushing him to be the best version of himself. This mentality has served Dr. Diamond well over the years as he has built a successful plastic surgery practice that has taken him all over the globe-he's so in demand that it's not uncommon for clients to fly him to their homes in Dubai when they need a touch-up! But Dr. Diamond found that not everyone is able to fly him to their homes (or movie sets!) and wanted to make his much-lauded “Insta-Facial” more readily available to those who couldn't always visit him in-office. Thus, Dr. Diamond's Metacine was born as a way to address the skin on an expert level. If anyone's curious what's on our holiday wishlist…For more of our talk with Dr. Jason Diamond, be sure to tune into this episode wherever you get your podcasts!

Jason Diamond is one of our favorite writers, and not just because of his quality prose — it's because he's an expert and an enthusiast, about everything from men's fashion to books to bagels. And one of his favorite things to geek out about is the cinema of the ‘70s, so he joins us this week to talk up 1973, and five films that, in their own (sometimes twisted) ways, made him who he is today.  Become a member for Bonus Episodes, personal stories of working in the industry, and yes - EVEN MORE MOVIES. https://plus.acast.com/s/a-very-good-year. Hosted on Acast. See acast.com/privacy for more information.

On this week's episode, author and journalist, Jason Diamond, takes us on a wild ride from the Russian bathhouses in the East Village to a bar mitzvah in Brighton Beach to making a new friend in a bar and ending with a subway ride home alone... an epic NYC journey!Check out Jason on InstagramHave fun like Jason?Donate to UJA Federation of New Yorkfind us at They Had Fun & on Instagram

When did plastic surgery get so trendy? Dr. Jason Diamond, who has been practicing in Beverly Hills for years, is here to discuss it all: the rise of the ethnically ambiguous face; doctors live-streaming their surgeries; the code names he gives his VIP patients; the procedures he won't perform (hint: thread lifts); and why he's a fan of platelet-rich plasma (PRP) therapy. Plus, we try to get him to spill how he developed a serum with bio-identical growth factors that mimics the effects of his famous Diamond InstaFacial and the work he does for celebrity patients like Chrissy Teigen, Kim and Kourtney Kardashian, Lala Kent, and Kate Upton.Products mentioned in this episode: shopmy.us/collections/222527Episode recap with links: fatmascara.com/blog/dr-diamondSponsor links & discount codes: fatmascara.com/sponsorsPrivate Facebook Group: Fat Mascara Raising a WandSocial media: @fatmascara, @jessicamatlin, @jenn_editSubmit a "Raise A Wand" product recommendation and be featured on the show: email info@fatmascara.com or leave a voicemail at 646-481-8182 Become a member at https://plus.acast.com/s/fatmascara. Hosted on Acast. See acast.com/privacy for more information.

It's almost the new year heal squad!!! & with the new year it's important to remember that if you look your best, you'll feel your best, and if you feel your best you'll DO your best!! Today we are throwing it back to an episode with Dr. Jason Diamond- celebrated and double board certified facial plastic surgeon to the stars known for his subtle and artistic technique. Dr. Diamond goes through all the trends in beauty, and the muscle-building enhancement therapy called Emsculpt- which blew all our minds!!  HEAL SQUAD SOCIALS  IG: @HealSquad TikTok: @HealSquadxMaria HEAL SQUAD RESOURCES: Website: www.mariamenounos.com  Curated Macy's Page: macys.com/healsquad  Amazon Storefront: https://www.amazon.com/shop/mariamenounos  Patreon: https://www.patreon.com/HealSquadxMariaMenounos ABOUT MARIA MENOUNOS: Emmy Award-winning journalist, TV personality, actress, 2x NYT best-selling author, former pro-wrestler and brain tumor survivor, Maria Menounos' passion is to see others heal and to get better in all areas of life.  ABOUT HEAL SQUAD x MARIA MENOUNOS: A daily digital talk-show that brings you the world's leading healers, experts, and celebrities to share groundbreaking secrets and tips to getting better in all areas of life. DISCLAIMER: This Podcast and all related content [published or distributed by or on behalf of Maria Menounos or Mariamenounos.com] is for informational purposes only and may include information that is general in nature and that is not specific to you.     Any information or opinions expressed or contained herein are not intended to serve as or replace medical advice, nor to diagnose, prescribe or treat any disease, condition, illness or injury, and you should consult the health care professional of your choice regarding all matters concerning your health, including before beginning any exercise, weight loss, or health care program. If you have, or suspect you may have, a health-care emergency, please contact a qualified health care professional for treatment.   Any information or opinions provided by guest experts or hosts featured within website or on Company's Podcast are their own; not those of Maria Menounos or the Company. Accordingly, Maria Menounos and the Company cannot be responsible for any results or consequences or actions you may take based on such information or opinions.

This week, Jeff and Rebecca talk about a strike at HarperCollins, who got the future of book-selling right, a beta Kindle Rewards program, and much more. Follow the podcast via RSS, Apple Podcasts, and Spotify. The show can also be found on Stitcher. For more industry news, sign up for our Today in Books daily newsletter! This content contains affiliate links. When you buy through these links, we may earn an affiliate commission. Discussed in this episode: The Book Riot Podcast Patreon Ongoing: Jamestown, MI library defunded again HarperCollins union workers on strike until new contract is reached Amazon displaying Goodreads ratings on some title listings For fellow Bourdain fans, Jason Diamond read the unauthorized biography so we don't have Learn more about your ad choices. Visit megaphone.fm/adchoices

Now get back to the stands before we shave off half your mustache and shove it up your left nostril! We go deep on baseball feels and The Bad News Bears with Jason Diamond!You can find Jason on Twitter and right here on the Internet. You Are Good is a feelings podcast about movies.You can find us on Twitter, Instagram and Patreon.The Music of You Are Good, Vol. 1 is here. T-shirts are here.We made a playlist inspired by this episode!You can find producer and music director Carolyn Kendrick's music here. She's also on Twitter.Miranda Zickler edited this episode!Fresh Lesh produces the beats for our episodes.Liz Climo designed our logo!

Now get back to the stands before we shave off half your mustache and shove it up your left nostril! We go deep on baseball feels and The Bad News Bears with Jason Diamond!You can find Jason on Twitter and right here on the Internet. You Are Good is a feelings podcast about movies.You can find us on Twitter, Instagram and Patreon.The Music of You Are Good, Vol. 1 is here. T-shirts are here.We made a playlist inspired by this episode!You can find producer and music director Carolyn Kendrick's music here. She's also on Twitter.Miranda Zickler edited this episode!Fresh Lesh produces the beats for our episodes.Liz Climo designed our logo!

Now get back to the stands before we shave off half your mustache and shove it up your left nostril! We go deep on baseball feels and The Bad News Bears with Jason Diamond!You can find Jason on Twitter and right here on the Internet. You Are Good is a feelings podcast about movies.You can find us on Twitter, Instagram and Patreon.The Music of You Are Good, Vol. 1 is here. T-shirts are here.We made a playlist inspired by this episode!You can find producer and music director Carolyn Kendrick's music here. She's also on Twitter.Miranda Zickler edited this episode!Fresh Lesh produces the beats for our episodes.Liz Climo designed our logo!