Podcasts about lpl

Thorin and YamatoCannon break down HLE's MSI win, Faker's broken international streak, and G2's blockbuster move: Dylan Falco out, Perkz in as head coach. ExpressVPN: Full online privacy on public WiFi with plans from $3.49/month. Get up to four extra months free at https://expressvpn.com/summoning ZenAI: Turn any conversation into shareable content without the production setup. Join the invite-only beta waitlist at bit.ly/zenAI_bpp_si Hims: Free online visit for hair loss, ED, and weight loss treatments. Start at https://hims.com/LFN LFN Premium: Q&A access every episode, community input on show direction, and more across the LFN network. Sign up at https://www.lastfreenation.com Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this week's LPL Market Signals, LPL strategists highlight three themes investors should watch this earnings season: The outlook for AI capital investments by hyperscalers, the outlook for refiners amid volatile oil markets, and the setup for big bank earnings this week. Tracking: #1139559

LPL's Chief Economist, Dr. Jeffrey Roach shares actionable insights on the global economy, underlying trends in the job market, and what the data tell us about the direction for inflation. Tracking: #1136959

YamatoCannon, dGon, and Jamada react to G2's stunning upset of T1 at MSI 2026, run the Fraud Alert on T1's coaching failures, and preview both MSI semifinals.   Manta Sleep: Adjustable, breathable sleep masks you can take anywhere. Get 10% off with code LFN at https://mantasleep.com   Raycon: Essential Open Earbuds for everyday listening. Get 20% off at https://buyraycon.com/powerspikeopen Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this special edition of market signals, LPL strategists share highlights from LPL Research's Midyear Outlook 2026 publication released on July 7. They share key themes for stocks, bonds, and the economy that LPL Research believes will be determining factors of second half returns. For stocks, progress toward monetization of artificial intelligence (AI) will be a key factor in the second half. LPL Research expects gains for stocks on the back of strong earnings growth and, if the macro backdrop improves, a slight increase in valuations. AI disappointments, geopolitics, and midterm elections are among the primary risks. For bonds, LPL Research expects sticky inflation and resilient growth to keep the Federal Reserve on extended pause, leaving Treasury yields range-bound, with the 10-year likely finishing the year between 4.00% and 4.50% absent disinflation or clear economic weakening. Tight credit spreads likely to persist, though AI-driven borrowing by hyperscalers may pressure spreads modestly higher. Returns may be income-driven as Treasury yields stay rangebound and credit spreads remain tight. Finally, U.S. economic growth should moderate but remain positive in the second half, with strong business investment helping offset weakness in other sectors. Elevated household net worth will continue to provide an important buffer for consumers. Expect inflation to moderate toward 2.9% by the end of 2026 and for unemployment to edge higher but remain historically low. Tracking: #1135966

Shocking MSI results have sent TES packing following losses to G2 Esports and TSW. How did it happen, and what's in store for T1, HLE, BLG, and LYON?   AG1: Go to https://DRINKAG1.com/SUMMONING to get a free AG1 Travel Case with 7 free AG1 Travel Packs in your Welcome Kit with your first AG1 subscription order while supplies last.   Raycon: Go to https://buyraycon.com/LFN to get 20% off Raycon's Everyday Earbuds Classic!   Shopify: Start your free trial and start selling today at https://Shopify.com/summoning   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

G2 reverse sweeps Top Esports at MSI, YamatoCannon joins Cloud9, and the BLG vs T1 upper bracket quarterfinal gets previewed on Power Spike.   Raycon — Get 15% off the Essential Open Earbuds at https://buyraycon.com/powerspikeopen   Factor: Chef-prepared meals delivered fresh, ready in two minutes, no cooking required, no artificial ingredients. Use code POWERSPIKE50OFF at https://factormeals.com/powerspike50off   Into the AM — premium lifestyle apparel and activewear with an exclusive LFN x Into the AM collaboration tee. Use code LFN-TEE3 at intotheam.com and shop their 4th of July sale with up to 60% off sitewide. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A new Best's Market Segment Report discussed by AM Best Associate Director David Blades finds that for smaller LPL firms, the key aggregate underwriting ratios are highly variable, largely attributable to the size of most of these insurers.

MSI 2026 has a big problem holding it back from being a truly excellent League of Legends esports tournament.   Into the AM: Pick up our new collaboration t-shirt and shop the Fourth of July Sale with items up to 60% off sitewide. Please use our link: https://intotheam.com/lfn-tee3   ZenAI: ZenAI is currently in invite-only beta. Go to bit.ly/zenAI_bpp_si to join the waitlist today for a chance at early access!   FÜM: Over a million people have already used FÜM to quit differently. Join them today and grab a Journey Pack plus get a free gift with purchase by going to https://tryfum.com and use code SUMMONING   ExpressVPN: Secure your online data TODAY by visiting https://ExpressVPN.com/summoning to find out how you can get up to four extra months. 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.

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Both of Yamato's picks to make MSI were eliminated in the LCS playoffs. Power Spike runs the Fraud Alert, then previews every team heading to Daejeon.   DripDrop: Rapid hydration with 3x the electrolytes of leading sports drinks, trusted by medical professionals and pro sports teams. Use code LFN at https://dripdrop.com   Factor: Chef-prepared meals delivered fresh, ready in two minutes, no cooking required, no artificial ingredients. Use code POWERSPIKE50OFF at https://factormeals.com/powerspike50off Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

T1 just knocked out Gen.G in five games to reach MSI. The episode breaks down what that loss really means for Gen.G, why BLG are the most frightening team at the tournament, and whether IG are actually putting the band back together.   Hims: Personalized, affordable care for hair loss, ED, weight loss, and more. Skip the waiting room and get treatment online with a free visit at https://hims.com/lfn. Featured products include compounded drug products which the FDA does not approve or verify for safety, effectiveness, or quality. Prescription required. Individual results may vary.   Shopify: The platform behind millions of businesses, from first sale to full scale. Start your $1 per month trial at https://shopify.com/summoning.   ExpressVPN: Fast, private, and reliable. Use it to protect your connection anywhere. Get started at https://expressvpn.com/summoning. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on LPL Market Signals, LPL Research and LPL Government Relations team up to discuss the setup for midterm elections and how the outcome might affect markets. Topics discussed include: Is the Senate in play and what are expected to be the key issues for voters in November? How much market volatility might this election cycle bring? What are some of the key policies on the table that could move markets in the second half? What if anything bipartisan might get done under divided government? Watch for a midterm elections preview in LPL's Midyear Outlook 2026, scheduled for release on July 7. Tracking: #1126134

The League of Legends Betting Podcast  Saturday, June 13th, 2026 - LCK, LPL, LCS Recorded on: Friday, June 12th at 630am   Intro/Recap (0:26) LCK Slate (1:50) LPL Slate (6:02) LCS Slate (9:33) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Sunday, June 14th, 2026 - LCK, LPL, LCS Recorded on: Friday, June 12th at 2:40pm   Intro/Recap (0:26) LCK Slate (1:30) LPL Slate (6:38) LCS Slate (11:40) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

We break down G2's LEC Spring title, place SkewMond on the Mount Rushmore of EU junglers, and make the case that Dylan Falco is the greatest League of Legends coach in any region.   FÜM: FÜM has already helped over 700,000 people take steps toward better habits, and now it's your turn! Head to https://tryfum.com/ and use code SUMMONING to claim your free gift today!   Raycon: Upgrade your everyday audio with the Raycon Everyday Earbuds Classic. Get 15% off at https://buyraycon.com/lfn   Factor Meals: Chef-crafted, ready-in-two-minutes meals delivered to your door. Get 50% off your first box plus free daily greens with code LFN50OFF at https://factormeals.com/LFN50OFF (new subscriptions only, while supplies last) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We cover the LCK, LEC, LCS, and LPL playoff fallout, including Dplus KIA's stunning reverse sweep collapse against KT and cvMax's now-infamous press conference.   Raycon: Raycon's Essential Open Earbuds are 15% off right now, with open-ear design built for everyday use outdoors and a 30-day money-back guarantee. Go to https://buyraycon.com/powerspikeopen Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Saturday, June 6th, 2026 - LCK, LPL, LEC, LCS Recorded on: Friday, June 5th at 7:05am Eastern   Intro/Recap (0:26) LCK Slate (1:24) LPL Slate (4:10) LEC Slate (7:08) LCS Slate (9:38) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Sunday, June 7th, 2026 - LCK, LPL, LEC, LCS Recorded on: Friday, June 5th at 8am Eastern   Intro/Recap (0:26) LCK Slate (0:40) LPL Slate (6:30) LEC Slate (10:20) LCS Slate (13:49) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

We break down Vitality's LEC playoff exit, NaakNako's shocking interview, and WE's improbable LPL playoff run.   Raycon — Get 15% off the Essential Open Earbuds at https://buyraycon.com/powerspikeopen Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Thorin and YamatoCannon break down BLG dropping to the lower bracket, the LPL play-in chaos, T1 finally edging Gen.G, and the national team politics threatening to undermine MSI.   Hims — For your free online visit about hair loss treatment, go to https://hims.com/LFN   Raycon — Get 15% off the Everyday Earbuds Classic at https://buyraycon.com/LFN   Shopify — Start your $1 per month trial at https://shopify.com/summoning Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Sunday, May 31st, 2026 - LCK, LPL, LEC, LCS  Recorded on: Saturday, May 30th at 7pm Eastern   Intro/Recap (0:26) LCK Slate (1:30) LPL Slate (3:58) LEC Slate (5:26) LCS Slate (7:33) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Saturday, May 30th, 2026 - LCK, LPL, LEC, LCS  Recorded on: Friday, May 29th at 3:50pm Eastern   Intro/Recap (0:26) LCK Slate (5:30) LPL Slate (9:37) LEC Slate (13:19) LCS Slate (17:35) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

Thorin and YamatoCannon break down G2's LEC upper bracket win, MSI qualification, and the LPL playoff chaos that nobody predicted.   Hims: For your free online visit about hair loss treatment, go to https://hims.com/LFN   AG1: Get a free AG1 flavor sampler and a bottle of vitamin D3+K2 (a $72 value) with your first subscription at https://drinkag1.com/summoning   Raycon: Get 15% off the Everyday Earbuds Classic at https://buyraycon.com/LFN Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Sunday, May 24th, 2026 - LCK, LPL, LEC, LCS Recorded on: Saturday, May 23rd at 345pm Eastern   Intro/Recap (0:26) LCK Slate (7:42) LPL Slate (13:30) LEC Slate (18:08) LCS Slate (20:11) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Saturday, May 23rd, 2026 - LCK, LPL, LEC, LCS Recorded on: Friday, May 22nd at 6:05pm Eastern   Intro/Recap (0:26) LCK Slate (4:18) LPL Slate (9:12) LEC Slate (16:05) LCS Slate (20:25) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

We debate KeSPA's controversial Asian Games roster on a week that broke LCK viewership records.   Factor: Fresh, never frozen meals built around your goals, ready in 2 minutes. Use code POWERSPIKE50OFF at https://factormeals.com/powerspike50off to get 50% off and free daily greens per box with a new subscription. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We break down Korea's 2026 Asian Games roster, and why Canyon's selection makes no sense under any criteria.   Shopify: Start building your business today with Shopify's all-in-one commerce platform. Use code SUMMONING at https://shopify.com/summoning   Hims: Take control of hair loss with personalized, 100% online treatment plans from Hims. Use code LFN at https://hims.com/lfn   PrizePicks: https://prizepicks.onelink.me/LME0/SUMMONING and use code SUMMONING and get $50 in lineups when you play your first $5 lineup!   Factor: Chef-crafted, dietitian-approved ready-to-eat meals delivered to your door. Use code LFN50OFF at https://factormeals.com/lfn50off Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rich Steinmeier is the CEO of LPL Financial, the largest independent broker-dealer in the country. A Fortune 500 company, LPL is responsible for $2.4 trillion dollars in advisory and brokerage assets. Rich joins Adam to share his journey and his best lessons and advice. Rich and Adam discuss a wide range of topics: leadership, career success, mentorship, adaptability, alignment, empowerment, trust, and much more.

The League of Legends Betting Podcast  Sunday, May 17th, 2026 - LCK, LPL, LCS Recorded on: Saturday, May 16th at 305pm Eastern   Intro/Recap (0:26) LCK Slate (2:00) LPL Slate (6:04) LCS Slate (8:58) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Saturday, May 16th, 2026 - LCK, LPL, LCS Recorded on: Friday, May 15th at 515pm Eastern   Intro/Recap (0:26) LCK Slate (10:49) LPL Slate (15:15) LCS Slate (18:28) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

LPL's Chief Economist Jeffrey Roach analyzes supply shocks as a result of the Iran conflict, potential Fed actions, and the roles artificial intelligence could soon be playing in the wider economy. Economic Navigator: https://www.lpl.com/content/dam/edam/research/publications/economic-navigator/economic-navigator-05-13-26.pdf Tracking: #1109373

Thorin and YamatoCannon on whether cvMax's brutal coaching style is the real reason DPlus are imploding mid-split.   Hims — science-backed hair loss and wellness treatments, with a free online visit. Go to https://hims.com/lfn   Rocket Money — cancel your unwanted subscriptions and lower your bills in minutes. Go to https://rocketmoney.com/lfn   ExpressVPN — protect your connection and access content from anywhere, with up to 4 extra months free. Go to https://expressvpn.com/summoning   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kameto cancelled his appearance at the LEC's Madrid roadshow after a war of words with Ibai... and a Dignitas player publicly admits he considered retiring mid-split because his team has neither respect nor chemistry.   Polymarket: Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux   DripDrop: Doctor-developed electrolyte hydration for better body and mind performance. Use code LFN at https://dripdrop.com for 20% off your first order. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Sunday, May 10th, 2026 - LCK, LPL, LEC, LCS Recorded on: Saturday, May 9th at 5:15pm Eastern Intro/Recap (0:26) LCK Slate (1:48) LPL Slate (5:10) LEC Slate (10:36) LCS Slate (13:55) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

YamatoCannon, dGon, and Jamada break down Fnatic's elimination from LEC playoffs and make the case their legacy is gone for good.   Raycon - The Essential Open Earbuds sit outside the ear canal for clear, open-ear audio you can use all day. Get 15% off at https://buyraycon.com/powerspikeopen   Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Saturday, May 9th, 2026 - LCK, LPL, LEC, LCS Recorded on: Friday, May 8th at 4:15pm Eastern Intro/Recap (0:26) LCK Slate (10:09) LPL Slate (15:03) LEC Slate (18:23) LCS Slate (22:20) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

Thorin and YamatoCannon build the case that Fnatic are the Manchester United of the LEC and diagnose why the same story keeps repeating.   AG1 — Visit https://drinkag1.com/summoning to get a free AG1 flavor sampler and a bottle of vitamin D3+K2 in your AG1 welcome kit.   Raycon — The Everyday Earbuds Classic deliver premium audio and all-day comfort at half the price of the big brands. Get 15% off at https://buyraycon.com/LFN   PrizePicks — Visit https://prizepicks.onelink.me/LME0/SUMMONING and use code SUMMONING and get $50 in lineups when you play your first $5 lineup!   Shopify — Build and launch your own store with Shopify's full suite of commerce tools and AI features. Try it for $1 a month at https://shopify.com/summoning   Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The League of Legends Betting Podcast  Sunday, May 3rd, 2026 - LCK, LPL, LEC, LCS Recorded on: Saturday, May 2nd at 930pm Eastern   Intro/Recap (0:26) LCK Slate (1:00) LPL Slate (9:44) LEC Slate (14:03) LCS Slate (16:55) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

The League of Legends Betting Podcast  Saturday, May 2nd, 2026 - LCK, LPL, LEC, LCS Recorded on: Friday, May 1st at 530pm Eastern   Intro/Recap (0:26) Kentucky Derby Superfecta (8:20) LCK Slate (9:34) LPL Slate (15:18) LEC Slate (19:07) LCS Slate (23:38) You can find more, exclusive content to go along with this show on My Patreon. My Twitter/X is @GelatiLOL P&L Sheet for 2026 can be found here and pinned to the top of my Twitter.

We cover Keria's live three-year T1 re-signing at tT1's LCK Home Ground event, one of the most bizarre transfer stories in LCK history, and whether Sentinels can convert their EWC qualification into an MSI run.   Manta Sleep — The Manta Sleep Pro Mask delivers 100% blackout sleep so you can recover like a pro. Get 10% off with code LFN at https://mantasleep.com   Raycon — Raycon's Essential Open Earbuds deliver premium sound with an open-ear design, perfect for staying aware of your surroundings. Get 15% off at https://buyraycon.com/powerspikeopen   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We break down Faker's persistent wrist injury theory, whether T1 can make MSI, and why Keria's three-year re-signing might be the best news T1 fans have had all split.   FUM: FÜM has already helped over 700,000 people take steps toward better habits, and now it's your turn! Head to https://tryfum.com/ and use code SUMMONING to claim your free gift today!   Raycon: High-quality earbuds without the premium price tag. Get 15% off the everyday earbuds classics at https://buyraycon.com/LFN   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux   Factor Meals: Chef-prepared meals delivered to your door. Use code LFN50OFF at https://factormeals.com/LFN50off to get 50% off plus free daily greens per box with a new subscription. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

YamatoCannon, dGon, and Jamada are joined by Nymaera as Power Spike goes deep on the FlyQuest co-streaming controversy that set the League of Legends community on fire.   Factor — Fresh, never-frozen chef-crafted meals delivered to your door, ready in two minutes. Get 50% off plus free daily greens per box with a new subscription. Use code POWERSPIKE50OFF at https://factormeals.com/powerspike50off   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

FlyQuest's co-streaming video fired up a real debate. Thorin and YamatoCannon dissect it before a full LEC, LPL, and LCK breakdown.   Hims — Personalized care for hair loss, ED, weight loss, and more with 100% online access and no waiting room. Start your free online visit at https://hims.com/lfn   Shopify — Build and scale your online store with the platform powering millions of businesses worldwide. Start your $1/month trial at https://shopify.com/summoning   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Music credits: Symmetry Christoffer Moe Ditlevsen, Jakob Ahlbom Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We break down why G2 are collapsing in the LEC while Vitality look like the best team in Europe.   AG1 — A daily drink clinically shown to support gut health, fill nutrient gaps, and streamline your supplement routine. Go to https://drinkag1.com/summoning to get an AG1 flavor sampler and a bottle of Vitamin D3+K2 for free with your first subscription order.   Raycon Everyday Earbuds — Premium audio quality at a fraction of the price, with active noise cancellation and multi-device support. Get 15% off at https://buyraycon.com/lfn.   Rocket Money — A personal finance app that finds and cancels unwanted subscriptions, monitors your spending, and helps you lower your bills. Join at https://rocketmoney.com/fn.   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the latest episode of the Econ Market Minute, LPL's Chief Economist, Dr. Jeffrey J. Roach, gives you a few key factors to consider during periods of uncertainty in the market. Tracking: #1091025

We break down KT Rolster's shocking early-split dominance in the LCK, and whether Bdd and PerfecT are the real deal.   ExpressVPN — Secure your online data TODAY by visiting https://ExpressVPN.com/summoning to find out how you can get up to four extra months.   Shopify — Start your business today with the industry's best business partner! Sign up for your one-dollar-per-month trial today at https://shopify.com/summoning   Raycon — Celebrate the moms in your life! Go to https://buyraycon.com/lfn to get 15% off the Everyday Earbuds Classic.   Polymarket — Livetrade on LoL today on Polymarket: https://polymarket.com/?via=lastfreenation-eeux Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dr. Jeffrey Roach, LPL's Chief Economist, gives insight into the oil market, highlights where construction spending is going, and why recession risks are lower than expected. Tracking: #1084779

Timestamps0:00 Intro0:20 where does this LPL win rank?12:55 LPL doomerism18:15 The Global meta30:45 JDG32:50 is BLG the best team in the world?38:20 LPL power rankings47:20 the case for AL