Podcasts about W2

Five of Elite's top producers sat down together in Cancun to talk about what actually makes this job matter. Frank goes around the table asking each consultant what they enjoy most about the work. Tricia talks about relationships and education, Julie compares every advisor conversation to solving a puzzle, Stacey points to the reward of bringing advisors accurate information in an industry full of misconceptions, Bruce talks about the value of being authentic and getting to know clients on a personal level and Dom shares how twenty-five years as a wholesaler let him rekindle old relationships in a brand new context. Tricia opens up about how eye opening the tax side of W2 versus 1099 was once she crossed over to this side of the business and why she likes to show advisors both paths so they can learn something new about their own business along the way. Bruce lays out a universal truth, that most financial advisors only understand the world inside their own firm and explains why a twenty thousand foot view changes everything. Dom breaks down why even advisors with decades of relationships still benefit from a genuinely objective third party. Stacey shares her go-to answer for advisors who ask why they should work with her over someone they already know and introduces one of the firm's guiding beliefs, that the right answer always surfaces. Frank closes with his Tom Brady analogy for why even elite performers rely on an agent instead of going it alone. The panel wraps by weighing in on whether the industry is shifting back toward W2 structures, especially for advisors nearing retirement who are being offered deals north of four hundred percent. Questions answered in this episode include: What do Elite's consultants enjoy most about helping financial advisors? What does it mean to be authentic with a client instead of just closing a deal? Why do advisors who already have industry relationships still need a consultant? What is the universal truth most financial advisors don't realize about their own knowledge? Why does the right answer always surface during the due diligence process? Is the financial advisor industry shifting back toward W2 firms? Should advisors ignore the money when it comes to major transition deals? Chapters: 00:00 Introduction: Inside the Chairman's Trip 02:17 What Every Consultant Loves About This Work 04:27 What Sets a Real Consultant Apart 04:51 Rekindling Relationships as a Former Wholesaler 12:21 The Universal Truth About Financial Advisors 15:40 Why the Right Answer Always Surfaces 23:06 Is the Shift Back to W2 Real 30:34 How to Reach the Elite Team Meet the panel: - Frank LaRosa, Chief Executive Officer: frank@eliteconsultingpartners.com | 856-316-4651 - Stacey Frank, Chief Revenue Officer and Executive VP of Sales: stacey@eliteconsultingpartners.com | 856-816-6322 - Bruce Fox, Private Client Consultant: bruce@eliteconsultingpartners.com - Domenic Diele, Senior Business Consultant: dle@eliteconsultingpartners.com - Tricia Fischer, Private Client Consultant: 703-395-1147 - Julie Mizerany, Private Client Consultant: julies@eliteconsultingpartners.com Resources: - Elite Consulting Partners: https://eliteconsultingpartners.com - Elite Marketing Concepts: https://elitemarketingconcepts.com - Elite Advisor Successions: https://eliteadvisorsuccessions.com - JEDI Database Solutions: https://jedidatabasesolutions.com - Elite Wealth Management Insights Report: https://eliteconsultingpartners.com/insight-report - Listen to more: https://eliteconsultingpartners.com/podcasts/ - LinkedIn: https://www.linkedin.com/company/elite-consulting-partners/

In this special episode, Rent To Retirement founder Zach LeMaster joins the Lifestyle Dentist Podcast to share how he went from practicing optometry to building a real estate portfolio that ultimately gave his family financial independence.Zach shares how he and his wife used rental real estate to gradually replace their active income, giving them the freedom to continue practicing healthcare because they enjoy it—not because they financially have to. The conversation explores passive income, long-term wealth creation, real estate tax advantages, cost segregation, leverage, and how busy professionals can invest without turning real estate into another full-time job.

If you're tired of grinding away as a W2 employee and wondering if the freight agent model is your true calling, listen to this episode with Steve Monson of Agent Advocate, giving us the truth about becoming an independent freight agent! We're breaking down exactly what it takes to make the leap from a traditional logistics role to running your own book of business, the harsh realities of giving up a steady paycheck, the hidden administrative headaches you have to be ready for, and why finding a brokerage partner with the right back-office support and technology stack is absolutely crucial to your success. Plus, we dive into the upcoming Freight Agent Conference in January, which is designed to help you navigate this massive career shift without the fluff! To register for the Freight Agent Expo 2027 (FAX27), go to https://freightagentexpo.com/ to learn more!   About Steve Monson Steve Monson is the Founder and President of The Monson Group and the creator of AgentAdvocate.net, an independent resource designed to help freight agents make better, more informed decisions about where they place their business. With more than 30 years in logistics, Steve has experienced the industry from nearly every angle. He's booked freight, owned and operated a successful freight agency, worked on the shipper side, built teams, and led freight brokerages to more than $60 million in revenue. His innovative logistics strategies have also been recognized in multiple industry publications and earned industry awards. After more than 25 years on the operational side of logistics, Steve transitioned into executive recruiting and talent advisory, where he became a two-time recipient of Sanford Rose Associates' Distinguished Recruiter award. Today, Steve brings those experiences together as the Agent Advocate. Through extensive market research, he has analyzed more than 150 freight agent programs across 70+ metrics, giving him a unique perspective on how programs really compare—not just how they're marketed. Through AgentAdvocate.net, Steve helps agents compare opportunities apples-to-apples, understand the fine print, ask better questions, and evaluate the factors that can materially impact their business, income, and long-term success.   Connect with Steve Website: https://www.agentadvocate.net/  LinkedIn: https://www.linkedin.com/in/steve-monson-logistics-recruiting/ / https://www.linkedin.com/company/agentadvocat.net/  

Many people think of the RIA model as an "independent" model.This is accurate, as many pathways into the model are independent in nature.However, some RIA models feature advisors affiliated as W2 employees. These come in many different flavors: partnership models, traditional grid payout models, buyout models, etc.In this episode of the Transition To RIA question and answer series, I explain what these models are and when they may be a fit for your practice.Come take a listen!P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.Show notes: https://TransitionToRIA.com/what-is-a-w2-ria-model/About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.

Everyone wants to own a business until they own a business.There's a version of business ownership Instagram sold you — the Lambos, the freedom, the four-hour work week. And then there's the version that actually exists — the one nobody talks about because it doesn't sell courses.In this episode, Sam Primm and Lucas tell both sides of the truth. The pros that actually matter, the cons nobody prepares you for, and the honest answer to the question everyone's really asking:Should YOU quit your job and start something?

This is the first episode of our Work Series - a three-part look at how painting companies are rethinking their organizational models. When the numbers stopped working, Austin Ilsley and his wife Lacie faced a decision that would change everything about how they run their field team at Ai Painting Plus. Austin walks us through the financial turning point that pushed them away from a full W2 model and what the shift to subcontractors actually looked like on the ground. From rebuilding their team to redefining where control lives in the business, he shares the real lessons behind a transition that's now producing financial health.

Jesse Sunquist put a GM in charge and stepped back to 5 hours a week — proud of the experience, restless about the outcome.Register for the webinar: Learn to Avoid the #1 Reason Acquisitions Fail - Thu, Aug 13 - https://bit.ly/4wPHY6RTopics in Jesse's interview:Buying a business for flexibilityGeographical search in New JerseyLowering his minimum SDE threshold to $300KAcquiring 2 Mosquito Joe territoriesHis plan to build wealth through franchise roll-upsModest growth followed by shrinkHow other owners handle the off-seasonTaking a W2 with the intent to sellInability to find a buyerHiring a great GM to run itReferences and how to contact Jesse:LinkedInMosquito JoeJesse's previous interviews on Acquiring Minds: Reflections After 1 Year of Searching Full Time A Reward for Widening Search to $300k SDENeil Finneran on Acquiring Minds: How to Survive Going from Hedge Funds to SMB OwnerThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet a free review of your books & financial ops from System Six (a $500 value):Book a call with Tim or hello@systemsix.com and mention Acquiring MindsConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

Connect With ChazJosh Wilson started at seven years old on a cruise ship, charging his vacation friends a markup to use his grandfather's cruise card. He built a wedding DJ business at 16 and sold it at 19 for $25,000. His only W2 job was two months as a buggy boy at Winn Dixie before he got fired. Since then he has built a 25-million-dollar real estate portfolio, lost over a million dollars on a single investment, and pivoted to M&A where he is now acquiring his seventh company with a goal of 10 companies and 10 million in EBITDA before exiting to private equity.In this conversation with Chaz Wolfe, Josh breaks down the entire M&A framework he uses: what to look for in a target company, why he only buys companies doing at least a million in cashflow, the five reasons a contractor business owner should consider selling to a holding company instead of selling on the open market, why most businesses have not raised prices since COVID, and how the multiple arbitrage game works when you roll your equity into a holding company instead of taking a 3x exit alone.Key Takeaways:The first question in any acquisition: when was the last time they raised prices? Nine out of ten businesses Josh looks at have not raised prices in years. A 10 to 20 percent price increase is often the first value add after closing.Only buy companies doing at least one million in cashflow. Below that threshold, you cannot afford to hire the management team you need to actually run the business. You end up doing everything yourself again.A 3x multiple on your own is a mom-and-pop exit. Roll your equity into a holding company targeting 8 to 10x and you may triple your eventual payout for waiting a few years.PE companies buy cashflow, not hustle. When private equity looks at a portfolio, they want a C suite in place, a back office running, general managers in every entity, and systems that do not require the founder. Build that picture and you become attractive.Going wide to find your vertical is not always a mistake. Josh spent five years acquiring different industries to find where he could go deepest. He is now locking in on transportation. The path was the education.The mentor moment that changed everything: Josh was sitting in a hot tub during COVID, watching his real estate portfolio and wondering if his tenants were going to pay. In that moment he realized he could not keep living his entire life this way. That discomfort drove the pivot.If I can't do it, no one can is a guarantee that you will never scale. Josh learned it the hard way. The C suite he built is the only reason he can now focus exclusively on vision and growth.Pivoting is not failure. Real entrepreneurs master the art of knowing when things are heading in the wrong direction and correcting course before it costs them everything.$25,000 was enough to count as a real exit. The size of the deal does not determine whether the principle applied. Josh knew how to create value and find a buyer at 19 years old. The same principle runs his 7-company portfolio today.Build the right C suite first. CFO, COO, CEO roles need to be filled by people who love operating, not just people who are available. Josh found each one through deliberate relationships, not desperation.If you are a contractor business owner doing $1M+ and you feel stuck in the day-to-day, we built GTK for you.Through peer mastermind and 1:1 coaching, we help you:increase profitinstall real systemsbuild a team that runs the businessget your time backVisit www.gatheringthekings.com for information on how to apply.Connect with Chaz Wolfe (Host):WebsiteFacebookInstagramLinkedInYouTubeProfit Starts with Better Books!Clean books. Clear reports. Monthly bookkeeping built by business owners, for business owners.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showLike what you heard? Share this episode with a friend and leave us a review on Apple Podcasts or Spotify! Join the conversation by visiting GatheringTheKings.com and apply to connect with other high-performing entrepreneurs and their families.

The fastest way to lose a best friend is to start a business with them.Unless you do this.Sam and Lucas have been best friends for 25 years and business partners for 12 of them. They've built four companies together, made every mistake in the book, and somehow still hang out on weekends. In this episode, they pull back the curtain on the actual dynamic that keeps their partnership working — the fights, the fixes, the strengths that offset each other's weaknesses, and the hard-earned rules they've built over a decade of doing business with the person they're closest to on the planet.If you've ever thought about starting a business with a friend, family member, or spouse — this is the episode that could save your relationship and your business.

What does it take to leave a stable career, build a real estate portfolio, and create a personal brand that generates consistent opportunities?In this episode of the Builders of Authority Podcast, Adam McChesney sits down with Matt Kresko to discuss his journey from recruiting and talent acquisition to becoming a full-time real estate investor and capital raiser.Matt shares how he started with house hacking, grew to 25 rental units, managed multiple flips, and navigated seven months without a paycheck after interest rates shifted and a business partnership ended.In this conversation, Adam and Matt discuss:• Transitioning from a W2 career into real estate• Building relationships without immediately pitching• Using consistent content to generate referrals and partnerships• Growing a rental portfolio and managing flips• Creating authentic content from real experiences• Partnering with contractors to avoid construction bottlenecks• Matt's goal of completing more than 100 deals per year

Are you feeling stuck in your 9-to-5 corporate job? In this episode of The Delegation Roundtable (also known as the Leverage Podcast), host Justin Nelson sits down with tech-sales-professional-turned-serial-entrepreneur Nick G. to discuss the ultimate blueprint for walking away from your W2 and scaling a massive business portfolio. Nick shares his raw, unfiltered journey of quitting his job at Facebook the day after a bad performance review and transitioning into a full-time real estate investor with over 70 properties. Learn how he leveraged a 1031 tax exchange to purchase a highly profitable wedding venue, started his own general contracting construction business, and built a completely hands-off operations team. If hiring a VA is the exact leverage you need to scale, check out our available times here: https://bit.ly/4w8sY2W #RealEstateInvesting #QuitYour9To5 #DelegationRoundtable #TheLeveragePodcast #1031Exchange #PassiveIncome #PropertyInvesting #SerialEntrepreneur #GeneralContractor #BusinessScaling #HandsOffBusiness #Entrepreneurship

How do you manage money more effectively? How can you stop being surprised by taxes? How do you turn your cashflow into something predictable? Kiera answers these questions and more, with three monthly habits you can build to create profitability. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent- Dental A Team (00:01) Hello, Dental A Team listeners. This is Kiera. And today's topic is one of my favorite. It's money, taxes, and making a money-making machine. Yeah. Yay. Let's talk money and taxes. Because honestly, this is what everybody hates. And I'm not a CPA. I'm not a financial advisor. I'm none of those things. I'm just a girl who loves to help practices be more profitable. Help dentists like make and keep the money that they deserve, but doing it in an ethical way as a smart business owner. Because honestly, do you know how many people come to me and they're Kiera, I just want to become the CEO of my business because I don't get it, I don't know how. And I love   Helping people become competent running their businesses through systems, team, vision, you name it. I love to do it with you. So what I found is like a lot of times doctors don't have a production problem. They have a money management problem because you don't freaking know how to do it. You learned how to drop that box. You learned how to make that. This one was funny, guys. Like, why in dental school did they tell you you're doing an I L F filling? Like, come on. Like I remember seeing that and I was like, wow, dentistry. Or like I love when there's new people and they're like, Yeah, doc, we need a B O. And I'm like,   All right, or we could do like an OB, like it's fine, whatever. Or like I remember someone was like, What's a do? A DO I was like, my gosh, that's hilarious. So there's so many things like you've learned all that, but you didn't learn how to like manage your money and talk about it. So I have seen so many practices where they're a multi-million dollar office, but guess what? They're strapped for cash, they're not able to do these things. And the goal is not to like just produce more, it's to build a practice that creates consistent wealth for you. Now, team members listening, I want you to know you want your doctor.   To be insanely wealthy. Like you do. You want the practice to be wealthy because you want it to be cash flowing positive. Because if it is, you're happy. It's more stable, it's more confident. And I'm not saying like, I want your doctor to be wealthy. I want them to do well. You do too. Because guess what? If they're doing great, that means you're doing great. So I want you guys to walk like, how do we manage money money monthly? How do we stop getting surprised by taxes? And this is Kiera's tactical way of doing it. Talk to your CPAs. I'm not able to be that person, but I'm gonna give you some quick tips that work really well.   And then make sure your CPA validates and does it that's best for you. And then also, like, how can we turn this into predictable cash flow? Like that's what you're looking for. So let's do it. And to me, this is where I just see so many. We work with hundreds of offices across the nation. We're Dental A Team, we're experts in dental consulting. We work with dentists and teams. We either are virtual or in person, we're obsessed with making your life better. We call it the yes success model, where it's focused on you, your vision, your team, getting that organized, business fundamentals, earnings and profitability.   And then system structure and scalability. Like, how do we take it and turn it into that? That's what you're looking for. You want to make more money, you want to have less time that's spent in the office, you want to have more efficiencies. Like, let's do that together. That's what we're about. And really, today I get jazzed about this because so many offices are like, Kiera, I don't know where my money went. Guess what? I was that way too. Like, truly, it's so obnoxious. Because I know you are producing it. You need to just make it. Like, and how scary. I think about poor dentists. Like,   You go out, you do your fillings, you don't know if you're gonna get paid for it. You hope and pray that someone's collecting that money, but you will literally have no idea. Then the next thing is you get slapped with taxes, and you're like, my gosh, I have no money. Let's get you money. Like you went to dental school, you have so much debt on you, like you deserve to be a profitable business owner. So, like I said, just three things. Sorry about that. I'm just gonna yank this. Three things that you can do that are monthly habits to create profitability. You good with that? Let's get profitability.   cash flow and financial confidence. Here we go. So number one, dun dun dun dun, it's super sexy and not. All you gotta do, you gotta review your numbers every single month. Not when you're nervous, but as a consistent thing. You can join me. I've talked about it so many times. I call it the MMs. It's morning money meditation. That's it. Just do it. Like roll over. I turn on the call map or I'm into Joe Dispenser right now. there was another one I was listening to for a hot minute. I think it was called I don't even remember.   Was called. I can't even tell you guys. I don't remember. It was like this activations, I think is what it was called. That one was a fun one. It was like manifesting like multiple millions, like whatever you want do. but I meditate, I get my mind right, and then I look at my bank account. So join me on it. But I feel like a lot of times people just they don't know it, they don't get it, they just hope their CPA does it. my financial advisor will get it. I don't need to look at this. I'm just gonna do dentistry. Like, no, pull your head out of the sand. You are a business owner, you've got to look at it. So   We review our numbers before there's a problem, not when something fills off. So things to be looking at on a constant basis. What is our collection and production ratio? And I'm talking production in net, not gross. We got to be able to make sure, like, I don't care. I know Delta Dental's terrible. Guess what? That's all you can collect. So stop feeding your ego. Let's feed the family. Let's look at real numbers. What is that percentage? It needs to be at 98%. Half of you have a money issue, not because you have a money issue, it's because your team's not collecting. Teams, collect the money. We did the work.   Collect the money, fight with insurance, fight, fight, fight, get that money. Like you've got to. So we need to know what those two numbers are and you need to be at 98% collections. Okay. That's number one on your money. Number two is what's your overhead? Should be at 50% or less, 20% doctor pay. You gotta do this. What are we spending in those categories? So I like to look at our payroll percentage. I like to look at our supplies, labs. those are like the main big ticket items within that 50%. Doctor should pay should be sitting between 20 and 30%. All right, let's look at that.   Then beyond that, there's also probably money sitting in your AR. We should never have more than one month's worth of AR sitting there. So if you're producing $200,000, your total AR should never be more than $200,000. That's just the way the game works. So those are things we're gonna look at. All right. You gotta look at did we hit our goals, production, collection? What's our overhead? Did we overspend? Why? What improved and what did it? So we're gonna look at our PL. So I look at.   All of our team, all of our clients, they're on add it to analytics. So you usually have an online analytic. We build a KPI scorecard for all of our clients. Every client has it. So we're looking at what's our goal? What's our production? Is it red or green for that week or that month? Is it red or green for the collections? What's our collection percentage this month? What's our collection percentage year today? Because some months are gonna be low, some months are gonna be high. That's normal business. But we got to make sure we're collecting enough for our BAM, our bare ace minimum. And if not, we need to have savings for that. All right, so we have all that.   Then we also have an overhead calculator. I love the overhead calculator. I'm obsessed with it. We finally nailed this overhead calculator. Like it is, it's dreamy. Because what we do, I like to see this. It's a rolling month. So for those of you watching, great. I'm gonna share a screen. For those of you who are listening to the podcast, I'll explain it. Don't worry. So on here we have a scorecard. So this is one of my favorites. It's the overhead one. So what we do is we have our goals. So we set in our goals.   Like payrolls 30%, supplies are 5%, labs 7%, facility and equipment 8%, advertising 2%, less you're in growth mode, office supplies less than 1%, insurance half a percentage, professional services. We put in there your consulting fee. You're welcome. I want you to see that you can pay for consulting and be profitable. Bank charges and fees, I hope and pray they're less than 3%. They should be lower. And if not, you can get with Moolah. Phone internet utilities, less than 5% or 0.5, excuse me. And then other is usually 1%.   All that totals up to 60%. That means our doctor pay is probably gonna be sitting in at 20% or 30%. How can we trim this? A lot of people can produce more and have less payroll. We can outsource different things. Could we get our supplies lower? Can we order things differently? Labs, like let's look at that facility and equipment. Can we get that lower? Can we reduce our rent? Advertising, office supplies, could we get that down to a half a percentage? Professional services, like what if we got it to 1%? Or one of the fastest, easiest ways is we boost our production.   And it's gonna actually offset it and get it to a 50% overhead. Then what's amazing is we have our year to date. So what is it? What's our collection amount? We always want watch that. Year to date, and then we do a difference. So what's amazing is as you scroll through, we do January, February, March, April, we have our total overhead. What's our doctor W2? What's our doctor distribution, doctor salary? I want to see what percentage it is. This really quickly shows you what's my overhead, what's my doctorate, and then what's my EBITDA or earnings before interest, taxes, depreciation, and amortization.   What's our total expenses, not including debt services? What's that? We want that to be sitting at 80% or less. And it gives us a dollar amount. So we're able to see it month over month and then year to date where we sit. What's the net profit? So in this practice, because they're at 60%, their net profit can only be at 10% unless our doctor pays lower. I don't really care how you do it because distributions are distributions. So if you want to take the profit, you want to leave it in the business, you got to make sure that the practice is paying for your life. Then we have all of our debt services. This is usually where people get stuck on cash. You're stuck on cash.   Because you have your profit, but then your profit doesn't pay for your debt services. And then after your debt services, those debt services a lot of times are not tax deductible. So then you're getting whipped on the other side with your taxes. It's really just this like yin and yang back and forth. Then we look at it. Now, taxes, we put it at 37%. Talks to your CPA. That's the highest tax bracket. You might not be there based on what your profitability is. But we have all this. So this way everything's dialed in. Every single month we're looking it over. I'm obsessed with this because I love it. I made my CPA make one of these.   What's our difference? How is this? What's our year to date? We go over this every single freaking month. Give the PL. Let's fill this in. Let's teach you how to do it this way. The more intimate you are with the numbers. I know people are like, I don't want to fill this in. Can you do it for me? No. I'll teach you one time, but then you're gonna fill this in. Why? Because if you look at this every month, think you're gonna get better? Yes, because what you track and measure improves. Okay. So that's what we're looking at. When we talk about our numbers, when we talk about these different things.   This is how you review your numbers monthly. I kid you not. Now, my gym trainer, I'm gonna talk about her a lot. You guys, I went on a really incredible gym training. All right. I decided when I turned 40, which I'm still like anybody who's got some good tips for like I'm halfway to 80. Do you guys realize that? Like, shoot, that's a moment, okay? Like, that's a moment that I'm still processing. Anyway, I decided I was going to be fit and 40.   And I was like, I'm gonna be the best shape of my life. So my trainer and I have been working out with her for about two years. We set a goal. I hired this incredible photographer. His name is Kai York. He's out of Spain. Go check him out. His photography is absolutely incredible. And I was like, I'm gonna do this incredible fitness journey. And I'll tell you, she was like, Kiera, you've been working out for two years with me. She said, if you want to get to what you want, you've got to start tracking your metrics. And I was like, Yeah, yeah, yeah. Food, food, food. Daddy daddy da.   I'm so busy, blah, blah, blah, blah. Then I was like, fine. So she made me do this like intake form again. And the intake form said, How committed are you? And I remember writing, I'm 100% committed. How committed are you? So I went back to the coach. He guys, I'm a little sassy. My coach and I have come to like this really good place with each other. we have a very great relationship, and I'm super thankful for her. And what was crazy is I went all in. I am on 80 days of tracking my macros 100%.   I usually hit it right on track every single time. I'm not perfect, but I am consistent. I weigh in every single day that I'm home. So we weigh in, measure, do all the measurements every single day consistently. We were like three months into this journey. And I was a girl who was anorexic as a girl who was like never gonna get on a scale. I was like, I don't track it. And she said, Kiera, like we worked a lot on this of anorexia things. And if it ever got to a spot where I felt like it was trickling back.   It was a no-go. But she helped me see that like I'm just using this information to be able to make changes in my life. I was using this information to see, okay, if I ate certain things, how does that impact my weight? I wasn't going after a certain number on the scale. Our ultimate goal, because my my vision is that when I'm 90, I can freaking run faster than my grandkids or people younger than me. I want to be this like freaking ripped 90-year-old lady with cotton candy pink hair. Like that's that's really the vision.   I don't want to be frail. I don't want to be feeble. Yes, I'll sit there and like crochet and knit. I'm still gonna do like some like granny things. I wanna do that. That like feels exciting for me. But I want to be like so strong. So it wasn't about a number on the scale, it wasn't about a body fat percentage. It was truly I want to be in the best shape of my life that's physically strong. Like I wanna be strong. I want to be strong, like not skinny. Like I used to be going after being super skinny. now it's a how can I have like the strongest and take care of my body?   The whole reason I bring this up is because when I track and measure, I got the results I wanted. The first time in my life, I've said, I want a six-pack, I want a six pack, but she's like, Kiera, you've got to track and you gotta measure and you've got to look at it. We use it as data and we make decisions based on that. I bring that up because I feel like your metrics and your numbers, looking at them monthly, looking at them daily, looking at them weekly are the same thing. We don't get obsessive. Like for me, I could have gotten very obsessive and gotten right back into habits of anorexia. That's not the path. The path is to be my strongest, most fit self for you.   Your path is we're gonna be the most profitable fit practice that you can have. We gotta track it, we gotta measure it, and we gotta look at it constantly. But that way we make decisions based on it. So I want you looking at this. This is how you're going to be able to be financially free. This is how you're gonna have money. You're gonna be able to be like into that predictable money-making machine for you that's profitable. You're gonna have profitability, you're gonna have cash flow, and you're gonna have financial confidence. You've got to track and measure, otherwise it will never improve. And I'm just saying, like.   So we have a KPI scorecard that's gonna track your collections, your production, your payroll, your overhead, your profitability, our AR. Then we're gonna have like if one of those is off, then we can dig deeper. But if you look at those at a high level, just like I'm tracking my metrics, I promise you you will improve. What gets measured, like improves. So let's do it. Let's do it together. and I believe your story tells, like your numbers will tell a story long before your bank account does. And it's a way for you to track and measure, it's a way for you to validate. so   Put it on your calendar, have a nice little financial date with yourself. also have this in leadership. Our leadership team looks at our KPIs every single week. Every week, non-negotiable. That's what we do. And some people are like, well, I don't want my team to know numbers. Yeah, it freaks me out sometimes. But guess what? This is part of the game of business. And if I can't trust my leadership team to know my numbers, they might not be the right leadership team for me. Leadership team members, your doctors need to have profit. They've got to pay taxes on that. They got to be able to take care of themselves. And guess what? They work hard. Let them have big dreams and visions.   Just like you have big dreams and visions. Let's make sure we make both come true. Kate, now number two. I'm off my rant. I hope you guys loved it because I loved it. Number two is we got to do whatever your CPA tells you. I'm not a CPA. I can't really like get into that lane. And I'm not trying to get into that lane. I'm just saying for me, taxes were my biggest enemy. At the end of the year, I had a huge tax bill that I had not been saving for. And I know my was like, but Kiera, it's great. You get all this money. And I'm like, yay, but I don't have that money. I spent it.   Like, I don't know, people spend their paychecks. It's just like mystery. And I don't like living in this like, can I spend the money? Can I not spend the money? That never feels good to me. So what I decided to do with my CPA is we put it together and every single month I was like, this is a freaking equation, guys. Whatever my profit is, I need to just save that much money. Like that's it. Why do we like wait up for a quarter or wait up for six months or wait till the end of the year? And then I'm like, shoot, you want me to pay how much? Like, where's that money?   To me, I'm very proactive. I hate being reactive. So I had my CPA work with me. You can talk to your CPA. They can do this for you. Say, I don't like the quarterlies. I like to save it. For me, I personally put mine over an ally, A-L-L-Y. I know their interest rates are not as good as they used to be, dang it. But I'm still making money on that. And then I've got the money set aside. So when they ask me for my quarterly, they ask me for my end of year. I'm not freaking out about this money, but non-negotiable for cure dent before the end of the month, every single month, that money moves. Non-negoti, I don't care what it is.   I move away a distribution. So I have put money, it's profit first model. I do money for taxes. I do money for our BAM for our company to make sure we have that. And then I do our profit moves every single month, non-negotiable. I don't care if it's a good month. I don't care if it's a bad month. But what that does is it forces me to make sure our collections are in place. Do this. You guys are totally able to do this. Okay. So what happens is every single month, my CPA tells me, Kiera, this is where you were. This is your profit. This is how much money you need to put away for taxes.   Is it technically retroactive? Yes. So in June, I'll be moving money for May. Okay. So some months you're going to have a really high month. Then you get September. That's really fun. You still got to find the money because guess what? It doesn't change. You have to go find that money. I move that money out of my bank account into a third party account. So it sits over an ally. It does accrue interest over there, but it sits there. I don't touch it. It only is paid for taxes and I have them labeled into buckets. So it's my taxes, what's my company? Bam. And it moves. This is a disciplined skill.   You do not need to have this hard. For me, I also realized it was taxes, it was tithing or charitable contributions. And then like 401k. So when I used to do a SEP IRA, that was a fun throw because I had to pay that money too. Then I also have end of year bonuses. I hate doing this in December. Like I hated December. I used to dread December. I'd cry every December. Let's stop that. Whatever money you're paying out, if you know you're paying bonuses at the end of the year, let's figure out what it is divided by 12. Let's set that money aside every single month. That way you have it available.   I will tell you this will reduce your financial stress faster than anything else. So let's just do it. And for me, taxes, it's just an operating expense. For me, like that's just part of doing business. I don't, it's not, it's not like money lost. It's just a line item. Like I just need to put it in the bank account. What I also love is because I save every single month. So I kid you not, this is what Care does. I'm happy to put you on my like, I don't really have a text thread, but pretend I do. If you want to be a part of it, great.   By the end of the month, every month before the calendar flips to the next month, my money has moved. Non-negotiable, it will move. So I do have a doctor where we like text at the end of the month to make sure we're both moving money. and so what I do is I move it. What happens is at the end of the year, typically we're making expenses or doing corporate expenses, things like that, capital expenses, excuse me. And when that happens, from there, what we're able to do is we're then able to determine what our tax bill is going to be at the end of the year.   Every year that I have done this, where I save every month, I do 37%, like or whatever your tax bracket is, talk to your CPA. At the end of the year, every year, I'm eight years strong on this. So I feel like it's a pretty good track record to be sharing information. Every single year, I've saved more money than I actually need to pay for taxes. How many of you have done that? Like, that's it, because I put it on my goalboard. I said, That's it. I'm gonna become a freaking tax expert. I read tax books, I like talked to my CPA. I was like, I am sick of crying in December. We're gonna resolve this forever.   Now every single year I have more money than what I used to have. And I say that that's my tax refund. It's been a very long time since as a business owner actually get a tax refund, but that's the way I'm able to have a tax refund. And then I use that money for whatever because it's free. Like I don't have to be worried. I can spend it. And what we do is we make sure the business has enough to pay for my partial life. We have enough to save for taxes. And then whatever's left over to me, that's your like, it's your tax refund. Enjoy that, baby. Like have a good time. I also always have money for quarterlies. I have money set aside for that. So I've never stressed out.   So when the CPA says carry you owe X amount, I'm like, yep, here we go. Off it goes. And I accrued interest on So I feel even happier because I've been accruing interest on that money and I've been saving it. So tax planning is cash flow planning because most of the time I've noticed that business owners get stuck on their taxes. It's cash flow and it's very stressful. So I genuinely believe like your IRS bill should never be your largest surprise. Like, guys, you can do this. So   I set up a meeting with my financial my CPA and my financial advisors. I meet with them every single month. And then I do usually mid year. So it's coming up right now. I'll be meeting with my CPA. Where am I at? What have I paid? What do I still need to have? Where are we projected? Am I high? Am I low? What do we have that at? Every single month they tell me how much I need to save for taxes. Your CPA works for you. Make them work for you. So reserve it. Now, if we're behind, because a few years I've been behind. But guess what? If I'm doing that meeting in June or July,   I have six months to make up that cash. Or if you guys have like some of you are paying back taxes and it just breaks my heart and I'm sorry. So what we do is we just pay a little extra every single month and we just set that. So whatever they tell me, tack on 10% of my debt, we're gonna pay that down, we're gonna pay that back. There's ways that you can do this, and I'm happy to work through any of it. This is what we talk about in our mastermind. Like, pick my brain because I got so sick of crying. Like I said, I'm not a CPA. Your CPAs tell you all that. I'll just tell you I'm a   I'm an entrepreneur over here and a true business owner. It's had to figure out how to make money not be stressful and actually have a cash flow. All right. Number three is how do we make this like predictable cash flow for you? So I think for you, next is going to be like this is all dentistry. So how do we convert like production into profit? So being a good dentist. So we're gonna have strong case acceptance. Make sure patients are saying yes to your dentistry, collections percentage at 98%. Make sure overhead's where it needs to be. Let's make sure our schedule is scheduled efficiently.   Let's make sure that we've got consistent patient and team retention. two practices honestly can collect the exact same amount. One's gonna have profit and wealth, the other one's gonna have stress and overhead. Like the difference is our systems and are we staying consistent? What's our morning huddle? Like I was just in a practice, they're doing so well. And I was like, hey, we're not talking a huddle about how we win. Like let's let's add that in. So they're prepping. I promise you their production's gonna go up every single time I'm in office, their production spikes. It's just that's a little Dental A Team magic because people get excited, their production goes up.   But you've got to have those. Like you've got to have consistent systems. We've got to have consistent case acceptance, consistent schedules, consistent collections. Like those things have to be there. We have to control our overhead and see it. Consistency is not sexy, but it's how you get results. I hope you heard that. Consistency is not sexy, but it's how you get results. It's not perfection. I did not say you have be perfect. You guys, when I'm doing my cut, I was in the best shape of my life. I'm still so proud of myself. I wasn't perfect.   You better believe I still ate Reese's Easter eggs, guys. I freaking love those. You want to make me happy? Ship me those. Please. Like, I love them. they have to be the big eggs, not the little ones. The peanut butter to chocolate ratio is very different. And I peel off all the chocolate. I just want the peanut butter. Like, I'm there for it. I still ate those. I wasn't perfect. At the end, I was perfect. I was literally just eating chicken, rice, and almonds. Like, ugh, chicken for breakfast. Yeah, that was the next level moment. but I was perfect for two weeks.   But I was consistent. I wasn't perfect. You don't have to be perfect. You do need to be consistent. So having those systems, and I want you guys to just look to see in your practice where is one money, like where is it leaking in your practice? Is it in our case acceptance? Is it in our scheduling? Is it in our collections? Is it in us not looking at our overhead? And let's fix it this quarter. Let's set that as a quarterly rock. Let's get it fixed. So, as a quick review, I've ranted on this. I hope you guys loved it. But like truly, I want this to be like money and taxes. And how do you get out of the rut? And how do you stop crying?   How do you actually have cash flow, not cash slow? Like, let's get the cash flow, guys. you gotta review your numbers monthly. I'd recommend it's actually weekly, but start with monthly. You gotta plan for taxes every single month. And then we gotta build systems that turn it production into profit. Like just focus on those ones that are gonna put money on your books. You've got to be able to have this financial confidence. Like it's not a hope, a wish, a prayer. It's by being consistent. It's about being stable. I know that I'm gonna always have money for taxes. Always. Like that's just a discipline. That's a standard, and I will not go below that.   I will not ever go below. Like that's just my standard. We gotta cut, we gotta figure it out. And I love it because it forces me to innovate, forces me to squeeze the juice. Like I will pay myself. I'm not gonna sit here and not like you people just need to live below their means. Like, save 10%. I've always paid 10% to charitable contributions. I'll tell you if you don't do that, I'm not saying you gotta do charitable contributions, but they have shown that people that do save and don't live on everything that they spend.   Actually, you're able to be like the most successful people. That was a great study. I didn't even know it. And I heard it and I was like, wow. But I think it's because it forces us to see that you don't have to live on every single penny that comes through. You're actually able to live below your means, set these as standards, make them and be disciplined. And if you're not great at this, reach out. I love to help people with this. Like you don't have to have this be unpredictable anymore. We can get it to where it's cash flow confident. And I want you to be confident. So reach out.   I do believe that financial success is not good luck. It is just having systems and consistency. That's all it is. So reach out. I'd love to help you understand your numbers. I'd love to help you improve this. I'd love to have you have a practice that really does create genuine true wealth for you. I've got doctors that are asking me for a private mastermind where it's like, how do we wealth generate beyond? So first step is to stabilize, next step is to have structure, next step is to scale. So reach out. I'd love to help you. I'd love to help you guys create real wealth.   Your practices should be assets, not liabilities. So let's get it to where it's cash flowing positive. again, it can really truly be yours. I went from crying all the time to feeling confident as a business owner and I love to share that with people. So reach out Hello@TheDentalATeam.com. And as always, thanks for listening, and I'll catch you next time on the Dental A Team podcast.

The Tax Strategy Every W2 Worker Needs | Casey Gregersen reveals how high-income W2 employees can legally reduce their tax burden while building long-term wealth through real estate. In this episode of the Real Estate Masters Podcast, Casey Gregersen breaks down cost segregation, bonus depreciation, the short-term rental loophole, and why most professionals overpay in taxes simply because they don't know their options. He also shares lessons on scaling a real estate business, managing risk, building banking relationships, and creating financial freedom through smart investing. _______________________________ If you want to learn how to run your business in 5 hours or less.... Go to https://www.5HourBusiness.com Subscribe to my YouTube channel:    / @tonyjavierbiz And if you're into flying and want to follow my Aviation journey, check out my other YouTube channel at    / @tonyjaviertv _______________________________ Follow me on Social Media: Tiktok -   / tonyjavier.tv Instagram -   / tonyjavier.tv Facebook Personal -   / tonyejavier Facebook Business -   / realtonyjavier ________________________________________ If you want to dominate your Real Estate Market with TV commercials, go here: https://www.ClaimMyMarket.com If you want to connect with me and my network, go to https://tonyjavier.com/connect If you want to check out Tony's Real Estate Resources and Vendors go to https://www.TonyJavier.com/resources ________________________________________ Tony is the owner of an INC 5000-rated Real Estate Investment Company. He has been featured in Bigger Pockets, Wholesaling INC, Steve Trang's Real Estate Disruptors, Joe Fairless' Best Ever Podcast, and many other top podcasts and platforms. When Tony is not working on his business, he enjoys flying his plane. You can see videos on that and how he uses airplanes to save money on taxes. Don't forget to like the video, comment, subscribe to my channel, and share this with a friend if I'm doing my job and providing value to you and your network. If I'm not doing my job please let me know in the comments how I can be better, your feedback is greatly appreciated. See you in the next video!

In this episode of Behind the Numbers, host Dave Bookbinder sits down with Nicole Grinnell - founder of Bosun Solutions and Mic'd Up Booking - to break down the exact financial and operational mechanics of scaling a small business. They pull back the curtain on payroll optimization, calculating the true opportunity cost of doing your own admin work, and why high-performing executive assistants are revenue multipliers, not expenses. Nicole walks through the spreadsheet arbitrage of fractional staffing, explaining how shifting from fixed W2 payroll overhead to variable fractional support insulates profit margins during market volatility (a model battle-tested during COVID-19). They dig deep into the hidden financial cost of a bad hire, the exact vetting processes needed to protect cash flow, and why Net Profit is the ultimate metric every scaling founder must track. Plus, Nicole outlines how to turn podcast guesting into a low-effort, high-ROI B2B sales engine that drastically shortens sales cycles.

Executive Summary In this episode, Kim Butler and Spencer Shaw continue their conversation on taxes, moving past the W2 versus self-employed comparison to cover two categories they hadn't yet addressed: business ownership and real estate investment. Kim walks through the progression from a simple Schedule C sole proprietorship to an LLC and eventually an S corp or C corp, explaining why any amount of 1099 income opens the door to valuable home office deductions. She then turns to real estate, pointing listeners toward bonus depreciation and cost segregation as free, learnable strategies that pay off well before a CPA ever gets involved. Kim and Spencer also get into the more advanced and higher-risk end of the tax strategy spectrum: oil and gas investments for accredited investors, along with lesser-known credits tied to motion pictures, Native American tribes, and solar. They discuss the Augusta Rule, what it actually takes to qualify as a real estate professional, and why Kim remains cautious about deductions built on real estate losses. The episode closes with a practical look at business entry points, including the role of the Kolbe profile in deciding whether a franchise, a purchased business, or staying W2 is the right fit. Throughout, Kim's message stays consistent: these strategies are valuable, legitimate, and worth learning, but they only work inside a foundation of emergency funds, opportunity funds, and guaranteed, boring money that's absolutely going to be there. Links & Resources Mentioned Prosperity Thinkers: https://prosperitythinkers.com/podcasts/ Prosperity Parents: http://prosperityparents.com/  Kim D. H. Butler on YouTube: https://www.youtube.com/@KimDHButler  Contact: hello@prosperitythinkers.com Keywords financial freedom, Prosperity Thinkers, tax strategy, whole life insurance, cash flow, wealth preservation, mindset, financial education, business deductions, 1099 income, bonus depreciation, cost segregation, real estate professional status, Augusta Rule, accredited investor, oil and gas investing, Kolbe profile, LLC vs S corp, confidence, recommendation Episode Highlights [00:00:00 - 00:01:00] Spencer reintroduces the tax series and asks Kim to cover the two categories they haven't discussed yet. [00:01:00 - 00:02:00] Kim breaks down business structures, from Schedule C to LLC to S corp and C corp, and why 1099 income matters. [00:02:00 - 00:04:00] Kim points W2 earners toward real estate, starting with a single-family rental or Airbnb and a management company. [00:04:00 - 00:05:00] Kim explains why learning bonus depreciation and cost segregation costs nothing before you bring in a CPA. [00:05:00 - 00:06:00] Kim adds a third category for accredited investors: oil and gas, referencing Tom Wheelwright's book on the subject. [00:06:00 - 00:07:00] Spencer lists lesser-known accredited investor credits: motion picture, Native American tribe, tree carbon offset, and solar. [00:07:00 - 00:08:00] Spencer and Kim discuss why Tom Wheelwright built a casita, and how a real commute strengthens home office deductions. [00:08:00 - 00:09:00] Spencer introduces the Augusta Rule, renting a property to your own corporation for an annual meeting deduction. [00:09:00 - 00:11:00] Kim explains real estate professional status, the 750-hour requirement, and why it usually falls to a non-W2 spouse. [00:11:00 - 00:13:00] Kim cautions against chasing tax losses through real estate and shares the golf pros' limited partnership story from the 1970s. [00:13:00 - 00:15:00] Spencer and Kim weigh simple guaranteed returns against complex real estate deals that don't clear double digits. [00:15:00 - 00:17:00] Kim lays out business entry points: Schedule C to LLC, the Kolbe profile, franchise fit, and following talents over passion.  

Will Harvey got into real estate the way a lot of people do. He dropped out of college after a double hip surgery ended football, landed on a mortgage desk in 2015, and figured out fast how leverage worked. He bought his first house on a $30,000 salary with his dad as a co-signer, rented out two of the three bedrooms, and house hacked a deal before he knew the word for it.Then came the part nobody puts in the brochure. Three rentals in an expensive market, no money left, and the discovery that owning property is not passive. As Will puts it, the only genuinely passive position in real estate is limited partner, and you pay for it by giving up control.So he kept moving. He left a high-paying W2 to flip houses, rolled the flip profits into syndications, took bonus depreciation against the gains, did a couple of deals as a GP. And somewhere in there he figured out what actually excites him is the finance side of the table, not the operating side.That led to a friends-and-family fund in 2023, an accidental first hard money loan, and eventually a dedicated 506(c) fund built on a specific idea: that hard money underwriting is due for a rebuild from first principles.Will walks through the seven risks he underwrites against, why he thinks most lenders collect the wrong paperwork while skipping the single most predictive input available, and how he uses AI to compress an underwriting file from hours to about ten minutes without giving up the verification step.He also talks about the $70,000 he lost on a deal he already knew he should not have taken, what he looks for in an investor conversation before he will accept a wire, and why the boring end of real estate is the point rather than the compromise.What you will learnWhy Will chose debt over equity, and what that decision has to do with temperament rather than returnsThe first-principles exercise he ran on lending, and the seven risks it producedWhich document lenders over-collect, and which input they skip entirelyHow AI actually sits in his underwriting stack, and where he still verifies by handWhat he screens for in a first conversation with a prospective investorWhy he charges points and has no prepayment penaltyConnect with Will HarveyWebsite: harvey-capital.comEmail: will@harvey-capital.comLinkedIn: search Will Harvey, Harvey CapitalThis week's bookTitan: The Life of John D. Rockefeller, Sr. by Ron ChernowWill also mentioned The Book of Elon, a compilation of Elon Musk's own thinking pulled from interviews. He reads both the same way: printed out, at night, when his mind has slowed down enough to actually absorb it.Chapters00:00 Cold open: the first call with a borrower00:35 Welcome01:40 Who Will Harvey is and what Harvey Capital does02:27 Dropping out, double hip surgery, and the mortgage desk03:43 House hacking the first deal before he knew the term04:44 Nothing about owning rentals is passive05:29 Leaving a high-paid W2 to flip houses06:31 The realization: he is not an operator, he is a finance guy06:58 The 2023 friends-and-family fund07:50 The accidental first hard money loan08:06 Graduating from a 506(b) to a 506(c)10:02 Why debt instead of equity13:13 How he protects capital13:32 Applying SpaceX first principles to lending15:53 The seven risks he underwrites against16:25 Over-documenting what does not matter17:00 The borrower's story as the real underwriting input18:49 A word from Elevista Connect19:52 Screening investors on temperament, not just accreditation20:04 Why the one-year term filters people out21:00 Boring is the whole point23:20 Where the borrowers actually come from23:30 Google ads, and turning them off24:15 The REIA coin flip28:39 How Will uses AI to run the business28:44 Claude Code on the terminal30:40 Recording borrower calls as a data point31:52 Compressing hours of underwriting into ten minutes32:36 Incumbent lenders move like turtles33:01 Why flippers actually buy speed35:09 No prepayment penalties, and the reason why36:23 Lightning round36:52 What drives him37:50 The best advice he ever got38:25 Buffett: price and value are two different things39:40 The decision he would take back40:44 Losing $70,000 on a deal outside the buy box41:32 The return on brain damage41:52 What is on his nightstand41:58 Titan, and The Book of Elon43:33 Ed's NotebookLM workflow for books he never gets to45:55 How Will defines success46:12 Outcomes are a distraction, focus on the process47:50 You only get 18 summers48:56 How to reach Will49:03 harvey-capital.comThis has been the Real Estate Underground. Don't forget to subscribe, it helps us grow.Elevista - Speed as a Service™Elevista Connect is the first AI-powered lead conversion system built for real estate investors.

In this episode, Rafael sits down with real estate power couple Jenn and Joe Delle Fave, founders of the Creative Finance Playbook. Transitioning from a teacher and a car dealership employee in upstate New York to running and empowering a thriving community of Real Estate Investors. They share their journey of building multi-million dollar real estate wealth through lifestyle entrepreneurship.

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

Two topics today. First, unionization, which is having a real moment in healthcare. Banner Health's hospitalists just formed the largest physician union in Arizona. The Brigham and Women's nurses recently held the largest one-day strike in Massachusetts history. I get into why physicians are so far behind on this, historically we've been independent, and you can't unionize as a practice owner or contractor, and why we're catching up now that companies like Apollo MD, Sound Physicians, SCP Health, and even Optum are employing us. After the break, another eye drop recall. This one is a big one. 2.5 million bottles of prednisolone from Lupin Pharmaceuticals recalled after a foreign substance was found. Prednisolone is one of the most commonly prescribed drops in ophthalmology and standard after cataract surgery, so this one is going to be felt. Takeaways: Physician unionization is accelerating: Banner Health's hospitalists just formed Arizona's largest physician union, and the Brigham and Women's nurses recently held the largest one-day strike in Massachusetts history Physicians have lagged nurses on unionization because they were historically independent, practice owners and contractors can't unionize, but as more doctors become W2 employees of health systems, private equity groups, and corporations like UnitedHealthcare (the country's largest employer of physicians), unions become both viable and appealing SCP Health's move to hire displaced Valley Health emergency physicians as 1099 contractors has multiple downstream effects, no benefits obligations for the company, and no legal path to unionization for those doctors Lupin Pharmaceuticals is recalling 2.5 million bottles of generic prednisolone eye drops after a foreign substance was found; prednisolone is one of the most commonly prescribed post-cataract drops in ophthalmology, so a shortage could disrupt post-op inflammation control Instead of intra-healthcare-worker infighting, Will's ask is radical transparency from hospitals, actual prices, actual reimbursement rates, actual margins, actual payer contracts, so everyone can see where the money is really going before accepting the argument that one group's raise costs another its own To Get Tickets to Wife & Death: You can visit Glaucomflecken.com/live  We want to hear YOUR stories (and medical puns)! Shoot us an email and say hi! knockknockhi@human-content.com Can't get enough of us? Shucks. You can support the show on Patreon for early episode access, exclusive bonus shows, livestream hangouts, and much more! –⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ http://www.patreon.com/glaucomflecken⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Also, be sure to check out the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://glaucomflecken.com/glauc-to-me/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you are interested in buying a book from one of our guests, check them all out here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.amazon.com/shop/dr.glaucomflecken⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you want more information on models I use: Anatomy Warehouse provides for the best, crafting custom anatomical products, medical simulation kits and presentation models that create a lasting educational impact.  For more information go to Anatomy Warehouse DOT com. Link: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://anatomywarehouse.com/?aff=14⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Plus for 15% off use code: Glaucomflecken15 -- A friendly reminder from the G's and Tarsus: If you want to learn more about Demodex Blepharitis, making an appointment with your eye doctor for an eyelid exam can help you know for sure. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.EyelidCheck.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more information.  Head to http://www.cozyearth.com and use my code KNOCKKNOCK for an exclusive 20% off. Produced by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Human Content⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Zach Richards is a private lender and co-founder of REI Capital Guys, who made his first private loan in July 2020 using $100,000 of his own savings while still working a software job. He now runs a lending fund with his business partner, doing loans across the country while living rurally in New England, keeping bees, and volunteering with mountain search and rescue.This episode covers how to break into private lending, how lenders structure deals differently than banks, and how to put idle capital in your Profit First tax and reserve accounts to work. If you have money sitting on the sidelines in a savings account, an old 401(k), or an IRA and you want it working harder, this conversation is for you.Timeline Summary[1:43] – Zach's background and why private lending appealed more than managing tenants[2:28] – The nightmare tenant in his duplex that soured him on rentals for good[3:10] – Three to four months of books, attorneys, and local meetups before ever lending a dollar[3:37] – His first deal in July 2020, a $100,000 loan to an experienced flipper that paid back in six months[4:44] – Why a good attorney on your loan documents is the difference between safety and disaster[5:29] – Zach admits the $100,000 was the bulk of his savings and how he talked himself into it[6:31] – How private lenders beat banks on speed by lending against the asset, not your tax returns[6:52] – His actual terms: 80% of purchase, 100% of repairs, up to 65% to 70% of ARV[7:43] – Why relationships matter so much that repeat borrowers get a yes over text[8:46] – The mental shift from a stable W2 paycheck to lumpy business owner cash flow[10:38] – The software engineer who had to force himself to build relationships instead of hiding in numbers[11:37] – Why he and his partner merged two separate lending companies to launch a fund[13:17] – The partnership secret: a disagreement is usually a different route to the same goal[18:17] – Whether you should move Profit First tax and reserve money out of low-yield bank accounts[19:13] – The liquidity rule: don't buy property with tax money, but shorter-term lending can work[21:04] – Why a borrower with a Profit First system looks more organized and more likely to execute[22:17] – What he's seeing in the market with properties sitting 30 to 45 days instead of selling overnight[24:08] – When to get into private lending and how to lend from a self-directed IRA or HELOC5 Key TakeawaysPreparation Beats A Track Record — Zach underwrote his first deal with zero lending history because he spent months on books, attorneys, and meetups first. The prep work is what made his first loan a win instead of a lesson.Private Lenders Win On Speed — Banks want tax returns, pay stubs, and 30 days. Private lenders underwrite the asset, which is why a flipper will pay more for a fast close and a real relationship.Know Your Stress Tolerance — Going from a W2 paycheck to business owner income means great months and dead ones. Learning to sit with that swing is a skill you have to build on purpose.Idle Capital Is Costing You — Money parked in Profit First tax and reserve accounts earning 1% could be lent out instead. Just respect liquidity so the cash is back when you need it.Build The Business Around The Life — Zach designed a business in a backpack so he could live rurally, keep bees, and run search and rescue. Putting first things first is the Profit First mindset applied beyond money.Links & ResourcesREI Capital Guys Self-Directed Rollover Guide — https://reicapitalguys.community/rollover-guide Simple CFO — https://simplecfo.com • Email Zach Richards — zach@reicapitalguys.comEnjoyed This Episode?If Zach's story about turning $100,000 in savings into a private lending fund got you thinking about the money sitting idle in your own accounts, don't let it keep collecting dust. Share this episode with an investor who's been curious about getting on the lending side of the table, and follow the show and leave a rating and review so more real estate investors can find these conversations.

Send us Fan MailEric walked away from his W2 job in education at the age of 50. He didn't have enough years of service to access his pension at 50, but him and his wife had over 1 million dollars in a taxable brokerage account to live off of in retirement. One day, the pension will come, until then, Eric still works as an educational consultant. With a paid for home, Eric and his wife plan on eventually selling, whenever their find their "forever" location. Currently, they are adventuring throughout the US doing what they call SLOMADING. Annoyed with quick travel and only seeing the "touristy" spots, they are dabbling into a slower paced travel, utilizing platforms like Furnished Finder to stay for 2-3 months in one spot, living like a local. So far, they have tried this approach in Omaha, NE...Coastal NC/SC, and their next pit stop is in the high desert in NM. They are trying to find their retirement spot, and they will travel the nation until they do so! Check out their website...Early Exit, Open Road!https://earlyexitopenroad.com/?fbclid=IwY2xjawTKcQtleHRuA2FlbQIxMABicmlkETFOWTNMSWJ6N2FoNnpDdU1vc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHufomQCj17Inha7QhA-h8YJ-i_sjVzwXouhUiLNhi6CUdJ0hb2tTRPf9QRZS_aem_x2wxbnS0VvlcraB6cB-LpgBe a guest on the show:https://www.financiallyindependentteachers.com/contact-8Check out our website:https://www.financiallyindependentteachers.com/Sign up for FIT coaching:https://www.financiallyindependentteachers.com/services-4

Богатые люди думают о налогах не в апреле, а летом: готовить сани надо заранее, в декабре экономить уже поздно. В этом выпуске CPA и налоговый директор Тимур Князев объясняет, как иммигранту в США перестать переплачивать государству и превратить декларацию из головной боли в инструмент для жизни.Разбираем, чем W2 отличается от 1099 и почему контракт это на самом деле бизнес, что можно и что нельзя списывать, как работают акции от работодателя (RSU, вестинг, sell to cover) и крипта, что происходит с налогами при переезде между штатами и на удаленке. Отдельно - самая горячая тема для новичков: зарубежные счета, иностранные компании и ИП, наследство и подарки из-за границы, и какие штрафы за это грозят (спойлер: очень большие). Если вы недавно в США, работаете на W2 или 1099, получаете акции или у вас остались активы на родине - этот выпуск сэкономит вам деньги и нервы.О чем поговорили:Путь Тимура: от хедхантера в Москве до налогового директора в бигтехеПочему налоги надо планировать летом, а не в апрелеW2 против 1099: почему контракт это бизнесЧто реально можно списать, а что нельзяАкции от работодателя: вестинг, продажа, capital gains и частые ошибкиКрипта в декларации: что отслеживает налоговая в 2026Налоги при переезде между штатами и на удаленкеЗарубежные счета, компании, ИП: FBAR, CFC, GILTI и штрафыНаследство и подарки из-за границы: форма 3520Может ли AI помочь с налогами3 совета тем, кто хочет навести порядок в налогахГость выпускаTimur Knyazev (Тимур Князев) - CPA и налоговый директор в AI-компании o9, выпускник Большой Четверки (Ernst & Young и PwC). Автор книги US Tax Reform for Hipsters, ментор стартапов и налоговый советник для основателей.LinkedIn - https://www.linkedin.com/in/timurk/Сайт - www.timur.taxКнига - www.hipstertax.comНалоговый бутик - www.tk.cpa***Карьерная консультация (резюме, LinkedIn, стратегия, поиск работы в США) - https://annanaumova.comКоучинг (синдром самозванца, прокрастинация, страхи) - ссылкаТелеграм - https://t.me/prodcastUSAИнстаграм - https://www.instagram.com/prodcast.usТикТок - https://www.tiktok.com/@us.job⏰ Timecodes ⏰00:00 Интро00:43 Зачем думать о налогах уже летом05:29 От рекрутинга до Big Four в США18:34 Разница между W2 и контрактом 109919:54 Плюсы и страхи работы на контракте23:23 Почему летнее планирование спасает от переплат27:49 История Анны: цена налоговой ошибки30:25 Ловушка Obamacare и форма 1095A32:14 Какие расходы списывают на W235:31 Как законно списывать расходы на 109936:17 Как задекларировать домашний офис41:59 Как устроен налоговый аудит в США46:30 Налоги в США и доходы в СНГ48:11 Как налоговая узнает про счета за рубежом50:05 Чем опасны иностранные компании и КИК53:57 Отчет по зарубежным счетам через FBAR56:12 Что делать, если забыли заявить о счетах59:03 Как облагаются подарки и наследство01:00:46 Крупные переводы из-за рубежа и форма 352001:01:44 Налоги на зарубежное имущество01:08:15 Налоги на RSU и акции в IT01:13:27 Как декларировать криптовалюту01:18:15 Налоги при смене штата и на удаленке01:21:32 Главный принцип: суть важнее формы01:25:28 Опыт работы в Anthropic01:31:04 Заменит ли AI бухгалтера01:34:01 Налоги для основателей стартапов01:36:59 Три совета от налогового CPA01:42:22 Итоги и финальные рекомендации

A client once told Stacey Frank he was losing $20,000 a day by doing nothing. That number changed the whole conversation. Frank and Stacey open by unpacking a real story from one of Stacey's clients, a junior partner at an independent firm stuck with outdated technology, a flat payout and a senior partner unwilling to change. When Stacey ran the math with him, the true cost of staying became impossible to ignore and complacency became the real competitor in the room. From there, the conversation shifts into something more personal. Frank references a recent story about an advisor in his fifties, a founder of a respected RIA, who passed away suddenly. That story becomes the jumping-off point for a bigger conversation about financial advisor transitions, why payouts and transition deals are at an all-time high right now and why waiting to explore your options carries real risk. Frank also breaks down dual monetization, a concept he has trademarked, where advisors sell their practice to a W2 firm, keep running the business, grow it further and then sell it again years later. He walks through real-world numbers, including a three-million-dollar producer who turned a transition deal into twelve million dollars upfront while still earning over a million dollars a year running the business. The episode wraps with a challenge every advisor needs to hear. Staying exactly where you are is still a decision and it is one that deserves the same scrutiny advisors give their own clients every single year.   Questions answered in this episode include: What is complacency actually costing financial advisors every day? Why are transition deals and payouts at an all-time high right now? What is dual monetization and how does it work? Should advisors consider moving from a 1099 practice to a W2 firm? How do advisors calculate the true cost of staying at their current firm? What happens to a financial advisor's practice valuation if something happens to them unexpectedly? Why is making no decision still considered a decision?   Chapters: 01:04 Introduction: Complacency Is Costing You More Than You Realize 02:11 The $20,000-a-Day Wake-Up Call 05:27 When an Advisor's Death Changes the Conversation 08:19 Why Transition Deals and Payouts Are at an All-Time High 09:57 The W2 Acquisition Trend Advisors Aren't Talking About 14:39 Introducing Dual Monetization 17:06 Why Staying Put Is Still a Decision 18:16 How to Reach Frank and Stacey   Learn more about Elite and our resources: - Elite Consulting Partners: https://eliteconsultingpartners.com - Elite Marketing Concepts: https://elitemarketingconcepts.com - Elite Advisor Successions: https://eliteadvisorsuccessions.com - JEDI Database Solutions: https://jedidatabasesolutions.com - Elite Wealth Management Insights Report: https://eliteconsultingpartners.com/insight-report - Listen to more: https://eliteconsultingpartners.com/podcasts/ - LinkedIn: https://www.linkedin.com/company/elite-consulting-partners/

Philip Henry started with no capital, a student loan balance, and a newborn at home. His first investment was a rundown two-unit in Pawtucket, Rhode Island. Today he owns nearly 100 residential and commercial doors generating over $2 million a year through Connect Investments. In this episode, Philip walks through every step of how he built that portfolio, the creative financing strategies he used to get into deals with little or no money down, and the commercial real estate fundamentals that turned a series of overlooked properties into a $20 million portfolio. About Philip Henry Philip Henry is a former chemical engineer from Canada who quit his six-figure W2 job in 2017 after his real estate cash flow exceeded his salary. He is the founder of Connect Investments, author of Real Estate: The Blueprint to Firing Your Boss, and creator of propanalyzerpro.ai, a deal analysis tool for real estate investors. He manages his portfolio in-house with a small team and hosts the American Legacy podcast. What We Cover in This Episode Why house hacking a two-unit is the best first move for any new real estate investor How Philip used FHA 3.5% down to buy a four-unit building with almost no money out of pocket What seller financing looks like in practice and how Philip acquired 11 units by walking away from closing with a check Why distressed and underpriced properties create more opportunity for creative financing The reality of hands-on investing: evictions, renovations after work, and tenants who test your commitment How Philip bought a 32-unit building in Bangor, Maine for $1.2 million with no money down using seller carry and a private lender at 12% interest Why that same 32-unit building is now worth $5 million How to identify hidden expense problems in commercial listings that other buyers overlook How Philip cut $115,000 in annual expenses from a $1.8 million commercial listing and bought it for $1.3 million The NOI formula and why every dollar of income increase or expense reduction multiplies the value of a commercial asset How Philip manages nearly 100 doors with two full-time employees and Buildium software Why Philip still controls leasing in-house and what that means for occupancy The FHA loan program: who qualifies, how it works, and why the younger generation should use it before buying a single family home How to raise private capital when you have no track record and no connections Real Estate: The Blueprint to Firing Your Boss and propanalyzerpro.ai: what they are and who they're for Key Insight Philip found a 35,000 square foot brick commercial building downtown listed at nearly $1.8 million that had been sitting on the market. Nobody wanted it. After going through the expense sheet line by line, he found two problems nobody else had bothered to look for: a $45,000 flood insurance policy he renegotiated down to $10,000, and an $80,000 full-time maintenance position that was redundant given his existing team. He eliminated $115,000 in annual expenses before he owned the building, bought it for $1.3 million with seller financing, and it is now worth approximately $3 million. Why This Episode Matters Every strategy Philip used — house hacking, FHA financing, seller carry, private capital at a fixed return, expense reduction in commercial assets — is available to any investor willing to learn the mechanics. None of it required inherited wealth or industry connections. This episode is a step-by-step account of how a chemical engineer with student loan debt and no real estate background built a $20 million portfolio by solving problems other investors walked away from. Find Out More Website: propanalyzerpro.ai Book: Real Estate: The Blueprint to Firing Your Boss — available on Amazon Podcast: American Legacy — available on Spotify and Apple Podcasts Instagram: @philipmhenry Sponsors Today's episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area. https://www.livegreenlocal.com And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits. https://www.rcbassociatesllc.com

What does it really take to walk away from a seventeen-year corporate career and build an $18 million marketing agency in just three years? In this episode, Eric Winegard shares the mindset, discipline, and relentless commitment that helped him go from a troubled childhood and military structure to becoming the CEO of Rare Blue Moon Marketing. We dive into the realities of entrepreneurship, the difference between paid ads and organic content, and why most businesses fail before marketing even begins. Eric breaks down the importance of networking without an agenda, building a real personal brand online, and why commitment is the trait that separates successful founders from everyone else. You'll also learn how sales psychology, leadership, and self-belief became the foundation for scaling one of the fastest-growing agencies in the space. What You'll Learn in This Episode How Eric went from a troubled childhood to military discipline Why sales became the skill that changed his life The difference between networking and selling Why most marketers don't understand sales How Rare Blue Moon Marketing scaled so quickly Why organic content and paid ads need to work together What business owners get wrong when hiring agencies Why commitment matters more than talent About Justin:   Justin Colby is the host of The Entrepreneur DNA and The MORE Show podcast and a best-selling author. He is a serial entrepreneur and a seasoned real estate investor with over 20 years of experience.   Driven by a passion to help entrepreneurs thrive, Justin created the Entrepreneur DNA community to support business owners in building wealth, systems, and long-term freedom. Through his podcasts, books, education platforms, and hands-on mentorship, he continues to help entrepreneurs scale with clarity and confidence.   Connect with Justin: Instagram: @thejustincolby YouTube: Justin Colby TikTok: @justincolbytsof LinkedIn: Justin Colby About Eric Winegard Eric Winegard is the CEO and cofounder of Rare Blue Moon Marketing, a fast-growing digital marketing agency helping businesses scale through paid advertising, SEO, content strategy, and lead generation. After spending seventeen years in corporate sales leadership, Eric transitioned into entrepreneurship and rapidly built an $18 million agency by combining high-level sales psychology with modern marketing systems. His story spans a difficult upbringing, military discipline, and years of mastering sales, networking, and leadership before becoming a founder. Today, Eric works with businesses across multiple industries to help them grow through strategic marketing, brand positioning, and scalable customer acquisition. Connect with Eric Winegard: Instagram: @ericwinegardofficial YouTube: @ericwinegard8088 Facebook: winegard1 LinkedIn: Eric Winegard Website: rarebluemoon.io   Chapters 0:00 The road from W2 to eighteen million dollars 2:45 Is sales a born talent or a learned skill 5:30 Why high level masterminds are worth the investment 9:15 Overcoming a difficult childhood and foster care 13:40 How the military builds a wartime mentality 17:50 Why Eric left a safe CEO track to start over 22:10 The role of faith and grit in business growth 26:45 Burning the boats and making success a necessity 30:15 Paid ads vs organic content strategy 33:50 Humanizing your brand on social media 37:20 Geofencing and targeting for local businesses 41:05 Lessons from the Gold Coast Podcast and Brad Lea 44:30 Why marketing cannot fix a broken business model 46:46 Final advice for aspiring entrepreneurs   #entrepreneurship #digitalmarketing #salesstrategies #scalingbusiness #mindset Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Erica uses this mid-year recap to reflect on her business's recovery from a difficult year to a 56% revenue increase. She emphasizes the necessity of professional financial management, such as transitioning to a W2 payroll and hiring a dedicated bookkeeper to understand cash flow. The transcript highlights the importance of investing in infrastructure, including specialized communication software and overhiring to find high-quality staff. Beyond logistics, Krupin discusses the value of physical strength training for long-term health and the functional ability to handle business demands independently. She also promotes ScoopCon, an industry event designed to foster networking and provide advanced training for pet waste removal entrepreneurs. Comments and Questions are welcome.   Send to: thescooppodcast22@gmail.com

In this episode, Kelly Lannoe shares her journey from balancing a corporate career to creating financial freedom through real estate investing. She discusses how building passive income, maintaining an abundance mindset, and creating multiple income streams can provide security, flexibility, and the confidence to design a life around your priorities. Kelly also opens up about balancing entrepreneurship with family life and why real estate has given her the freedom to make choices on her own terms.Topics Covered• Building passive income while working a full time job• Why having multiple income streams creates financial security• Transitioning from a W2 career to full time real estate investing• The importance of planning before leaving your corporate job• Creating flexibility for family, health, and personal priorities• Finding health insurance and preparing financially for entrepreneurship• The power of collaboration and an abundance mindset in real estate• Why community and networking accelerate successQuotes"Financial freedom isn't about never working again. It's about having the freedom to choose the work you love.""The real estate community grows faster because people believe there are enough opportunities for everyone."

David Richter of Simple CFO breaks down one of the most practical questions real estate investors avoid: how to actually pay yourself first instead of paying everyone else and their mother. Drawing on the Profit First formula, he walks through the exact system for setting owner's pay when your income is unpredictable.This solo episode swaps the broken "sales minus expenses equals profit" model for the wealth formula and shows you how to build an owner's comp account that pays you consistently. If you're a real estate investor closing deals but feeling guilty about taking money out and wondering where all the cash went, this one is for you.Timeline Summary[0:26] – David opens with the hard truth that your business might be paying everyone except the person who built it[0:47] – Why the standard "sales minus expenses equals profit" formula keeps owners stuck in a rat race[1:40] – Waking up a decade into your business asking where all the money went[2:03] – The Profit First wealth formula flipped: sales minus profit equals expenses[2:23] – Why so many owners feel guilty taking money out of their own business[2:40] – Breaking down the three required components: sales, profit, and expenses in the right order[3:17] – The pay-yourself-first principle from Rich Dad Poor Dad and Robert Kiyosaki[3:36] – Lessons from The Richest Man in Babylon and The 7 Habits on putting first things first[3:57] – What margin actually means and why it's your financial safety buffer[4:32] – The simplest first step: open a separate owner's comp bank account today[5:02] – A real example of splitting $10,000 in income into consistent owner's pay[5:21] – Why the "black hole" single bank account keeps you from ever getting paid[6:15] – Building personal stability so the entrepreneurial roller coaster doesn't shake you[6:40] – Why an owner's comp account matters most when a spouse or family depends on you[7:05] – Finding your two key numbers: what you need and what you want[9:11] – Advice for W2 earners: build 6 to 12 months of reserves before making the jump5 Key TakeawaysFlip The Broken Formula — Stop using sales minus expenses equals profit. The wealth formula is sales minus profit equals expenses, so you pay yourself before you fund everything else.Open An Owner's Comp Account — Create a dedicated business checking account and route a set portion of every deal into it. This single move turns "pay yourself first" from a slogan into a habit.Know Your Need And Want Numbers — Pin down what you need monthly to cover your lifestyle, then what you want to fund your dreams. These two numbers give your owner's pay a target.Kill The Guilt Around Getting Paid — A dedicated account removes the guilt of pulling money out because it's earmarked for you. You built the business, and you deserve to be paid from it.Build Reserves Before You Leap — If you're still working a W2, stack 6 to 12 months of owner's comp reserves before quitting. Full-time investors should hold 3 to 6 months to weather the ups and downs.Links & Resources• Simple CFO — https://simplecfo.com Enjoyed This Episode?If David's owner's comp account idea got you rethinking how you pay yourself, don't keep it to yourself. Share this episode with a fellow investor who's paying everyone but themselves, and if it gave you a new perspective, follow the show and leave a rating and review so more real estate investors can build real financial clarity.

On this episode of Through The Pines we'll over money mastery in a gig economy including core challenges of a non-W2 worker, budgeting & cash flow for irregular income, taxes, self funded benefits like insurance, and more!   Welcome to a Financial Planning Podcast with a down to earth vibe Sasquatch listens while editing his daily vlog (he never publishes), this is Through the Pines.   Our Advisors for this episode, we welcome back Rex Baxter and Brandyn Smith from planwithbaxter.com   2023, 2024, 2025 & 2026 Forbes Best in State Wealth Management Teams For Utah - Advisor Hub Fastest Growing Advisors to Watch under 1 Billion - Receivers of the Ameriprise Client Experience Award -   Financial Advisors: Baxter, Smith & Associates Contact: rex.m.baxter@ampf.com       Website: planwithbaxter.com     OUTLINE:   Core Challenges of non-W2 Money Management Irregular Income Realities No built-in safety nets: Lack of employer withholding for taxes, no auto-retirement contributions, self-funded health & disability Hidden Costs: Self employment tax Stress from volatility, trouble qualifying for loans/mortgages Budgeting & Cash Flow for Irregular Income Calculate baseline average over last 6 months and create a budget Pay yourself first - auto-transfers Allocate dollars for taxes, operating expenses, owner compensation, and emergency fund Use Tools & a financial advisor Taxes Quarterly estimated taxes: tracking, calculating & penalties Self employment tax breakdown: 15.3% / deductions Maximize deductions: mileage, equipment, health insurance premiums, Record keeping essentials: MileIQ or Expensify, saving receipts, may need an EIN Work with a CPA & a Financial Advisor Self Funded Benefits Health Insurance options Disability Insurance Umbrella Insurance, business insurance, life insurance Retirement: IRA options (Trad, Roth, SEP), Solo 401(k), SIMPLE IRA   ____________________________________   This podcast was produced by The Banyan Collective and recorded in our camp trailer studio located inside the Monarch Building inside the 9 Rails Arts District on Historic 25th Street in Ogden, Utah.   ***Find value in this podcast, consider supporting us here: https://www.buymeacoffee.com/banyanmedia   WATCH & SUBSCRIBE to us on YouTube @throughthepines LIKE our Facebook Page: https://www.facebook.com/pinespodcast Follow our Instagram: https://www.instagram.com/pines_podcast/   Through the Pines  -  Reminding you to use Yesterday's Dollars to Finance Tomorrow's Dreams.   ****   This episode includes financial advice from professionals. Visit the financial planners in this podcast at www.planwithbaxter.com The Banyan Collective & Host, R. Brandon Long are not the financial professionals - podcast pro's, maybe - money men, not so much.   Through the Pines Podcast Copyright, The Banyan Collective - 2026

In this episode, Kelly Lannoe shares how she transitioned from relying on traditional retirement planning to building long term wealth through real estate investing. She discusses why cash flow, financial education, and multiple income streams create greater freedom than depending solely on a paycheck or retirement account. Kelly also explains how anyone can begin investing while working a full time job and why learning to control your financial future is one of the most valuable investments you can make.Topics CoveredReal estate versus traditional retirement investingUsing retirement funds strategically to acquire income producing assetsThe importance of cash flow over simply replacing your salaryHow living below your means creates financial freedomBalancing a W2 career while building a real estate portfolioWhy financial education should begin at homeBuilding multiple streams of income for long term securityCreating investment opportunities through your professional networkQuotes"You're not looking to replace your income. You're looking to cover your expenses.""So long as you're trading time for money, you're never going to find true wealth."

Kyle Kargis sits down with Casey Gregersen to unpack how he built a real estate business while working in oil and gas, using his W2 income and bank relationships as an advantage. Casey breaks down a 45-unit multifamily deal in Evanston, Wyoming, including the direct mail lead, seller finance structure, private capital raise, renovations, and refinance strategy. He also shares the tense closing story that played out from an Owners Club event and a Southwest flight, plus why partnering with experienced investors can protect new deal finders from costly mistakes. Follow Casey Gregersen - https://www.instagram.com/caseygregersen   ► Join The SubTo Community & Learn Creative Finance Directly from Pace Morby: https://subto.sjv.io/X42Y94   ► Learn How to Make Money on Other People's Deals - Join the FREE Live Training: https://gator.sjv.io/n4WL6o   ► Turn Real Estate Transactions Into a Real Career. Learn How to Become a Top Tier Transaction Coordinator - Start Here: https://toptiertc.pxf.io/OYyrdz

On today's Disney podcast, we are looking back to five years ago when we quit our full-time W2 jobs, started a travel agency (in the middle of COVID), and moved to Orlando to be next to Walt Disney World. From how we did it to the pros and cons of living here, we are covering everything we can about this process and how it has gone since we got here. Enjoy! This episode is sponsored by Fantastical Vacations. For free concierge vacation planning, specializing in Disney and Universal Vacations, visit https://www.fantasticalvacations.com We would love you to join us on Patreon! Thanks so much for supporting the show. We also have Addicted to the Mouse Merchandise! You can check it out at https://addictedtothemerch.com Thanks so much for listening! If you like what you hear, please subscribe and catch us every Sunday for the podcast. Join us every Sunday and Wednesday evening as we take you to Walt Disney World, Disneyland, on Disney Cruise Line, Universal Studios and everywhere in between! We can be found at www.addictedtothemouse.com and be reached at danandleslie@addictedtothemouse.com Please also connect with us here: Patreon – https://www.patreon.com/addictedtothemouse Youtube – https://www.youtube.com/@AddictedtotheMouse Facebook – https://www.facebook.com/AddictedtotheMouse/ Instagram – https://instagram.com/addictedtothemouse/ The post 5 Years Later – The Reality of Quitting Your Job, Moving to Orlando, and Chasing the Disney Dream appeared first on Addicted to the Mouse.

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.

Many people feel like real estate is “off limits” right now, prices are high, rates are confusing, and media headlines scream doom and gloom. Buyers are scared to make a mistake, investors think they've missed their window, and homeowners who are locked in low rates are stuck wondering how to tap their equity without blowing up their finances. Today's guest, Elysia Stobbe, has closed over $300 million in residential mortgages and helped first-time buyers, veterans, and investors navigate exactly these challenges with confidence, clarity, and calm. In this episode of Marketer of the Day, Elysia breaks down how ordinary people can still build intergenerational wealth through real estate, even in a volatile market. She explains why so many deals fall apart over just $2,500, how emotions, not math, kill good opportunities, and why thinking like an investor means focusing on cash flow, numbers, and realistic exit strategies. Elysia demystifies powerful tools like DSCR (Debt Service Coverage Ratio) loans, which qualify properties based on rental income rather than just W2 income, making investing more accessible than most people realize. Elysia's guidance isn't theory; it's the same practical approach she shares in her bestselling book “How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye,” along with her other titles for mortgage loan officers and success habits. She walks listeners through comparing rent vs. mortgage payments, deciding when it makes sense to buy or stay put, and choosing between cash-out refinances and HELOCs by calculating the true blended interest rate. Whether you're a first-time homebuyer, a veteran, or a seasoned investor, you'll come away with actionable strategies to move forward instead of freezing up. https://youtu.be/8GpTAGr3WH8?si=aF148vkHfI0MFi4r Beyond the numbers, Elysia opens up about her journey from shy, bullied military kid to confident speaker, author, and coach, and shares how focusing on gratitude, service, and mindset can help you find “calm in the storm” both financially and personally. She even dives into her work with balancing harmonics and remote healing, showing how the same curiosity and openness that drive her real estate success also fuel her passion for helping people heal. If you've been feeling overwhelmed by the market, stuck on the sidelines, or unsure of your next move, this conversation with Elysia may be exactly the perspective shift and playbook you need. Quotes: “I do believe buying your first home is the first step to intergenerational wealth. It's not the only asset you should have, but it's a really powerful starting point.” “People think they can't get into real estate, and it's like; actually, you can. You can, and it's pretty easy when you know the right tools, like DSCR loans.” “Trying to copy somebody else is a compliment to that person, but you'll never be them. Just focus on being the best you you can be, and on how you can add value to your clients.” Contact Details: Visit Elysia Stobbe's Facebook Page Connect with Elysia Stobbe on LinkedIn Explore Elysia Stobbe's Official Website Dive into the YouTube Channel of Elysia Stobbe Get a Copy of How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye on Amazon

Instagram.com/jenniferjadealvarez DM me "Audit" and let's find the missing piece to building a marketing machine.GRAB YOUR FREE FREEDOM CALCULATOR™ ⁠https://jenniferjadealvarez.myflodesk.com/freedom-calculator⁠The #1 tool to help you plan to work less BTC and into Salon CEOGet 20 hours back in your life and career and scale back from working BTC and step into becoming a Salon CEO to build a well-oiled machine without you!In this episode, Nikki Le shares her extensive experience transitioning from a traditional salon model to a hybrid model, offering invaluable insights for salon owners navigating their business structures. Discover practical strategies for leadership, compensation, legal protections, and building a legacy in the beauty industry.Main Topics Covered:Nikki Le's journey from salon owner to consultant with over 28 years of experienceCommon myths and truths about salon business models (commission vs. hybrid vs. booth rent)How to assess and choose the right business model for your salonThe importance of legal documentation: leases, NDAs, work scope agreementsDeveloping a scalable compensation ecosystem to retain top talentLeadership lessons: creating safety, fulfillment, and growth mindsetTransitioning from employee-based to hybrid models: challenges and benefitsStrategies to prevent burnout and maintain energy as a salon ownerPractical tips for legal, operational, and HR considerations in hybrid salonsBuilding legacy companies that thrive beyond the owner's tenureNikki Le's WebsiteCompensation Assessment Link Online AcademyLeadership Retreat - Elevé LeadershipInstagram"Failure is stopping. Success is continuing.""Your business is your canvas—never stop adding your masterpiece.""Build a legacy, not just a salon."Take Nikki's free compensation assessment to evaluate your current structure.Review and update your legal documents before making business model changes.Commit to leadership growth: create a culture of safety and fulfillment.Schedule regular reviews of your compensation and operational systems to stay aligned with your vision.Timestamps:00:00 - Introduction to Nikki Le and her industry experience00:32 - Myths around salon models: commission, booth rent, hybrid02:00 - Nikki's move from salon ownership to consulting03:17 - How to choose the right business model for your salon04:23 - Legal protections: leases, operational agreements, legal advice06:14 - The importance of a flexible, evolving compensation system08:11 - Nikki's leadership journey: creating security and fulfillment for teams10:33 - Building a scalable employee experience with education and mentorship12:15 - Growth stages of a salon owner's career cycle16:51 - Recognizing and improving leadership skills over time20:14 - Creating a safety and fulfillment-centered workplace culture22:53 - Setting standards with reason, mitigating conflict, avoiding burnout26:11 - Transitioning from W2 employees to hybrid models and legal considerations29:21 - Myths about self-employment and independent contractor misconceptions33:07 - Investing in skills, care, and competency growth for business success36:36 - Handling burnout and maintaining energy through self-care40:59 - Disruption, retreat, and reconnecting to passion in business44:19 - Operational documents: lease agreements, policies, and boundaries46:36 - How to determine if a hybrid model fits your space and team48:13 - Preparing your business for hybrid success: documentation and leadership52:09 - The power of a compensation assessment to transform your team55:54 - The truth about sliding scale and performance-based pay structures58:04 - Last words: building a collaborative, legacy-focused salon businessResources & Links:Connect with Nikki Le:Follow Jennifer Alvarez:Notable Quotes:Action Items:Tune in to empower your salon's growth, leadership, and legacy with expert guidance from Nikki Le!

He was working 80 hours every two weeks in a hospital ICU.Open heart surgery patients. Life or death. No room for error.And in the gaps between shifts, sometimes still in his scrubs, he was quietly building a short term rental business that would set him free.In this episode, E sits down with Jeremy Rosen for one of the most honest W2-escape stories this show has ever told.Jeremy joined STR Secrets with 4 properties and a full-time nursing job he loved but knew he had to leave. He went from 4 to 8 to 12 to 20 properties, all while clocking 12-hour shifts at the VA. Then he merged his company into Five Star Vacation Rentals, now running 67 properties across Central Texas, and finally walked away from nursing for good.In this episode: → The exact mindset shift that took Jeremy from sick patients to happy guests, and the nurse's instinct that makes him a better host than most operators will ever be→ How he used his days off, while everyone else scrolled, to prospect, sell, and grow→ The "who not how" decision that broke him out of doing everything himself, and the one hire that changed his entire business→ Why he refused to build in secret, and how speaking his goals out loud actually made them happen→ The honest truth about quitting your W2 that almost nobody talks about, including the strange struggle of suddenly owning all of your own time→ Why "everything is figure out able" is the only belief you need to finally make the leapIf you have a good job you're scared to leave, this is the episode you need to hear.Free 6-step course to start your day right: level.strsecrets.com/pc-bookJoin the community: STR Secrets Facebook Group

t of real estate investors hear about tax savings from real estate but never fully understand how those strategies actually work. In this episode, CPA and tax strategist Thomas Castelli explains the difference between passive rental losses and tax strategies that can reduce W2 or business income. He shares why short-term rentals have become a powerful tool for high-income earners and how syndicators can structure deals more efficiently from a tax perspective. Thomas also explains why many investors wait too long before speaking with a real estate-focused CPA and why AI will change accounting firms over the next few years. Key Topics Discussed Why rental real estate is passive by default How short-term rentals are treated differently under the tax code What qualifies someone for real estate professional status Why carried interest can lower taxes for syndicators Common tax mistakes in operating agreements and PPMs How AI may automate bookkeeping and tax prep work Guest Information Thomas Castelli Website: The Real Estate CPA Email: thomas.costelli@HallCPALLC.com Call To Action To connect with Thomas or book a free consultation, visit The Real Estate CPA Consultation Page

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

Host Don Adeesha sits down with Kara Kelly, CEO of Clinical HR, to tackle the people problems that quietly derail aesthetic practices, from the moment a clinician becomes a reluctant manager to the chaos of a private equity acquisition. Kara brings fifteen-plus years of direct experience inside med spas and medical practices, and she pulls no punches on the compliance traps that cost owners real money before they ever see an audit coming. The conversation goes deep on the W2 versus 1099 misclassification issue, one of the most widespread and expensive mistakes in the aesthetic industry. Kara walks through a real-world case where a five-location practice was hit with a $142,000 IRS penalty for misclassifying just 13 providers, explains why signed contracts and S-Corps offer zero protection, and outlines the SS-8 filing process and the step-by-step path to correcting classification before the letter arrives. Kara closes with her HR ETA framework, clear Expectations, the right Tools and Training, and consistent Accountability, as the foundation every practice owner needs before they hire their next team member, restructure their compensation model, or close on an acquisition. Her central message: the practices that build great cultures do not do it by reacting to problems. They do it by writing the rules before the game starts.

What does it really take to walk away from a seventeen-year corporate career and build an $18 million marketing agency in just three years? In this episode, Eric Winegard shares the mindset, discipline, and relentless commitment that helped him go from a troubled childhood and military structure to becoming the CEO of Rare Blue Moon Marketing. We dive into the realities of entrepreneurship, the difference between paid ads and organic content, and why most businesses fail before marketing even begins. Eric breaks down the importance of networking without an agenda, building a real personal brand online, and why commitment is the trait that separates successful founders from everyone else. You'll also learn how sales psychology, leadership, and self-belief became the foundation for scaling one of the fastest-growing agencies in the space. What You'll Learn in This Episode How Eric went from a troubled childhood to military discipline Why sales became the skill that changed his life The difference between networking and selling Why most marketers don't understand sales How Rare Blue Moon Marketing scaled so quickly Why organic content and paid ads need to work together What business owners get wrong when hiring agencies Why commitment matters more than talent About Justin:   Justin Colby is the host of The Entrepreneur DNA and The Science of Flipping podcasts and a best-selling author. He is a serial entrepreneur and a seasoned real estate investor with over 20 years of experience.   Driven by a passion to help entrepreneurs thrive, Justin created the Entrepreneur DNA community to support business owners in building wealth, systems, and long-term freedom. Through his podcasts, books, education platforms, and hands-on mentorship, he continues to help entrepreneurs scale with clarity and confidence.   Connect with Justin: Instagram: @thejustincolby YouTube: Justin Colby TikTok: @justincolbytsof LinkedIn: Justin Colby About Eric Winegard Eric Winegard is the CEO and cofounder of Rare Blue Moon Marketing, a fast-growing digital marketing agency helping businesses scale through paid advertising, SEO, content strategy, and lead generation. After spending seventeen years in corporate sales leadership, Eric transitioned into entrepreneurship and rapidly built an $18 million agency by combining high-level sales psychology with modern marketing systems. His story spans a difficult upbringing, military discipline, and years of mastering sales, networking, and leadership before becoming a founder. Today, Eric works with businesses across multiple industries to help them grow through strategic marketing, brand positioning, and scalable customer acquisition. Connect with Eric Winegard: Instagram: @ericwinegardofficial YouTube: @ericwinegard8088 Facebook: winegard1 LinkedIn: Eric Winegard Website: rarebluemoon.io   Chapters 0:00 The road from W2 to eighteen million dollars 2:45 Is sales a born talent or a learned skill 5:30 Why high level masterminds are worth the investment 9:15 Overcoming a difficult childhood and foster care 13:40 How the military builds a wartime mentality 17:50 Why Eric left a safe CEO track to start over 22:10 The role of faith and grit in business growth 26:45 Burning the boats and making success a necessity 30:15 Paid ads vs organic content strategy 33:50 Humanizing your brand on social media 37:20 Geofencing and targeting for local businesses 41:05 Lessons from the Gold Coast Podcast and Brad Lea 44:30 Why marketing cannot fix a broken business model 46:46 Final advice for aspiring entrepreneurs   #entrepreneurship #digitalmarketing #salesstrategies #scalingbusiness #mindset   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ryan Pineda and cohost Brian Davila sit down with entrepreneur Brian Luebben to discuss transitioning from a W2 career into business ownership, scaling through acquisitions, building wealth through focused entrepreneurship, and why relationships, family, and time freedom ultimately matter more than chasing money alone.⁣⁣Connect with Brian - ⁣https://www.instagram.com/brianluebben/⁣https://www.actionacademypod.com⁣__________⁣If you'd like my team to run your marketing & sales department to scale your business apply here https://www.pinedapartners.com⁣⁣Join our private mastermind for elite business leaders who golf. https://www.mastermind19.com⁣⁣Want to be featured on the Wealthy Way Podcast? Apply here https://www.wealthyway.com⁣⁣If you want to start your real estate investing business, we'll give you 1:1 coaching, seller leads, software, & everything you need. https://www.wealthyinvestor.com⁣⁣Tired of paying so much in taxes every year? We'll give you strategy, tax prep, and accounting all in one place. https://www.taylor-tax.com⁣⁣Join free Bible studies and workshops for Christian business leaders. https://www.tentmakers.us⁣⁣Dad Built is all about helping fathers lead their families with purpose while looking great doing it. Whether you're at the gym, on the golf course, or spending time with your kids, they've got premium hats and apparel built for dads. Check out the latest collection and current offers at https://www.dadbuilt.co⁣__________⁣Chapters: ⁣00:00 - From W2 To Entrepreneur⁣02:03 - Finding Love While Building⁣04:21 - Focus Beats Diversification⁣06:03 - Buying Boring Businesses⁣07:28 - Multiple Arbitrage Explained⁣10:49 - Passive Income Is A Myth⁣16:25 - Build Vs Buy Businesses⁣18:39 - Navigation Vs Acceleration⁣22:00 - Why Bigger Businesses Win⁣30:57 - Finding Businesses To Buy⁣36:44 - Choosing Your Hard⁣53:50 - Defining Your Enough Number⁣01:00:55 - The Freedom Paradox⁣01:04:03 - Experiences Have Expiration Dates⁣01:06:17 - The 18 Summers Lesson⁣01:11:16 - How Brian Met Natalia⁣01:16:08 - The Five Fs Of Marriage⁣01:23:13 - Building A Strong Foundation

What happens when an engineer living out of his car decides that relying on a paycheck is the biggest risk of all?In this episode of Living The Red Life, Jason Roberts shares how years of homelessness, financial uncertainty, and career setbacks forced him to rethink everything he believed about wealth, security, and success. After transitioning from engineering into sales, Jason discovered a scalable path through real estate investing that transformed his future and ultimately led to multiple thriving businesses.He breaks down the mindset shifts, sales strategies, deal analysis frameworks, and wealth-building principles that helped him go from sleeping in a church parking lot to building an eight-figure real estate portfolio. Whether you're an entrepreneur, investor, or someone searching for greater financial freedom, this conversation reveals practical lessons on creating income, reducing risk, and thinking bigger than ever before.Key Takeaways• Why sales is the single most valuable skill for building wealth• How to identify high-margin opportunities with real product-market fit• The framework Jason uses to eliminate downside risk in investments• Why relying solely on a W2 job may be riskier than entrepreneurship• How problem-solving and persistence create long-term financial freedomNotable Quotes• "If you get rid of the downside, then all you're left with is upside."• "Learn how to sell. Sales is the number one skill that will help you build wealth."• "Everything in life is figure-out-able."• "Don't rely on anybody else for your success."• "You don't have to be exceptional, but your effort does."Connect with Rudy Mawer:LinkedInInstagramFacebookTwitter

Disclaimer: Today's episode is sponsored by Gelt. Content is for educational purposes only. Not advice. Results discussed have not been vetted. Claims made by the guest have not been verified. The views expressed by the guest do not reflect those of the host or this show.—

Learn how you can turn your life insurance policy into a super Roth for retirement. Tom Love is a CEO and financial wealth expert with over 40 years of experience. He walks through the multiplicity of benefits life insurance can unlock not just for the top 1% but for business owners, entrepreneurs, W2, and retirees. We cover the tax advantages, risk mitigation, non-recourse loan benefits, as well as debunking some of the most common talking points against life insurance.Watch the Interview on Youtube for Visuals - https://youtu.be/NABjYZ3BggoConnect with Tom Love: https://www.linkedin.com/in/tom-love/The Breakaway League: https://www.linkedin.com/company/thebreakawayleague/Want to See If Whole Life Insurance Can Improve Your Financial Plan? Schedule Your Clarity Call Here: https://bttr.ly/bw-yt-aa-clarityWant Us To Review Your Permanent Life Insurance Policy? Click Here: https://bttr.ly/yt-policy-reviewWant Free Whole Life Insurance Resources & Education? Go Here: https://bttr.ly/yt-bw-vaultLearn More About BetterWealth: https://betterwealth.comChapters:00:00 - Interview Teaser and Introduction to "Super Roths" and Life Insurance 01:54 - Communicating the "Why" and Selective Clientele 02:35 - Wealth Strategies Within the Tax Code 04:18 - Tax-Free Income vs. Tax-Exempt Cash Flow 06:05 - Hidden Debt of Retirement Accounts 09:55 - Mechanics of Non-Recourse Loans 11:40 - The 1990 GAO Report and Tax Exemption 15:52 - Breakaway League and Better Communication 21:11 - Problem with Collateralizing Retirement Plans 25:23 - Case Study: A Billionaire's Insurance Strategy 28:55 - Real-World IRS Audit Story 30:53 - Permanence of the Tax Code and Section 7702 33:13 - The Mount Everest Analogy for Financial Planning 38:43 - Practicality: Taking Loans in Real Life 41:40 - Whole Life vs. IUL and Mutual Companies 44:46 - Warren Buffett and the Life Settlement Market 47:35 - The Conflict of the Fiduciary Registration 50:39 - Debating PUA Riders and Policy Design 54:44 - The Cons and Risks of Life Insurance 57:22 - Collateral Capacity in Real EstateDISCLAIMER: https://bttr.ly/aapolicy*This video is for entertainment purposes only and is not financial or legal advice. Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

How One Rental Turned Into 32 Doors follows David Nino as he shares how a single rental property became the foundation for a 32-door real estate portfolio. In this episode of the Real Estate Masters Podcast, David breaks down how he got started during the 2008 market crash, why distressed properties became his niche, and how long-term buy-and-hold investing helped him escape the W2 lifestyle. He also shares lessons on tenant screening, house hacking, scaling rental properties, and why freedom is the ultimate definition of success in real estate. _______________________________ If you want to learn how to run your business in 5 hours or less.... Go to https://www.5HourBusiness.com Subscribe to my YouTube channel:    / @tonyjavierbiz And if you're into flying and want to follow my Aviation journey, check out my other YouTube channel at    / @tonyjaviertv _______________________________ Follow me on Social Media: Tiktok -   / tonyjavier.tv Instagram -   / tonyjavier.tv Facebook Personal -   / tonyejavier Facebook Business -   / realtonyjavier ________________________________________ If you want to dominate your Real Estate Market with TV commercials, go here: https://www.ClaimMyMarket.com If you want to connect with me and my network, go to https://tonyjavier.com/connect If you want to check out Tony's Real Estate Resources and Vendors go to https://www.TonyJavier.com/resources ________________________________________ Tony is the owner of an INC 5000-rated Real Estate Investment Company. He has been featured in Bigger Pockets, Wholesaling INC, Steve Trang's Real Estate Disruptors, Joe Fairless' Best Ever Podcast, and many other top podcasts and platforms. When Tony is not working on his business, he enjoys flying his plane. You can see videos on that and how he uses airplanes to save money on taxes. Don't forget to like the video, comment, subscribe to my channel, and share this with a friend if I'm doing my job and providing value to you and your network. If I'm not doing my job please let me know in the comments how I can be better, your feedback is greatly appreciated. See you in the next video!

Brians Questions: I frequently work with dark wood, and need to mark the cuts.  Do you have a recommendation for a white pencil or pen that is fine tipped? Thank you for the great show and your time to produce it. -George What has been your favorite veneering project (or what project would you like to do with veneer) George Guys Questions: Hey guys, your recent talk about bandsaws made wonder if anyone is using anything cool for bandsaw infeed and out feed, im using roller stands and doing resaw cuts that are about 10' long. I also was curious how you guys would go about making a cabinet over a toilet not require filler strips? Maybe a scribed face frame? Great podcast lately, i really enjoy it. Tyler I'm making a bow front dresser and the bow will be made by gluing up 1/8th” bending play. The front of the drawers will be 1/16th” shop sawn cherry veneer. I'm planning on putting  1/32” backing veneer on the inside of the bow.  To make up the bow i will have a couple glue ups. The first glue up will be the 1/8th” bending ply and the 1/32” backing veneer. For ease of use, I plan to use unibond one for this glue up. The second glue up for the front piece of 1/16” cherry veneer I plan to use Unibond 800 to ensure there is no wood movement later, since the height of some of the drawers will be 10”.  My questions are: is 1/32 backing veneer ok seeing the front piece of veneer is 1/16”? And second: is using Unibond 800 a bad idea because it will only be for the front piece of veneer. Mike Huys Questions: Hi,  Love the show. I recently got into woodworking as part of my stress relief from my W2 job (ICU work) and have fallen in love with it. I have expanded my tool chest and have a makita track saw and recently noted there was a variable speed setting on it. What guide do you utilize to change that setting? I have had it on 6 since I got the saw and never even thought to change it. I did finally follow your advice and upgrade my blade with a CMT finish 36 tooth carbide blade and what a difference cutting through hardwoods. Thanks, Viyeka Anyway, i wanted to ask how you would go about cleaning mouse droppings on your wood. The cdc (because of the hantavirus scare) suggests using bleach and then wiping but it seems harsh on raw wood stock. I don't want the bleach to penetrate too deep. I was thinking of spraying with a soapy solution and then gently wiping it off all my wood. What do you think? —vaibhav from chicago

Had enough of the nine-to-five grind? Then it's time to start engineering your exit with assets that will give you more time, flexibility, and financial freedom: rental properties. Today's guest will show you how to replace your salary with cash flow and finally start living on your terms! Welcome back to the Real Estate Rookie podcast! Jamie Trickett had the cozy, corner-office job most people dream of, but it wasn't enough. With a three-hour daily commute on top of a 40+ hour workweek, she had very little time left for her boys. Something had to give. So, Jamie took a leap of faith and bought her first rental property. What was initially intended as a retirement asset quickly evolved into another steady income stream. Just two years later, she quit her W-2 job to go all-in on real estate investing and has stacked five rental properties in five years. Jamie hasn't just scaled to $10,000 in monthly cash flow. She's also saved six figures in taxes through cost segregation studies and other overlooked tax deductions. You don't need dozens of rentals to do what Jamie's doing. Stay tuned to learn how YOU can copy her success with a “small and mighty” portfolio! In This Episode We Cover How Jamie quit her job with a “small and mighty” real estate portfolio Making $10,000 in monthly cash flow with just five rental properties Replacing your W2 income with rental property cash flow How to save thousands in taxes with a cost segregation study Building a real estate business that gives you control of your time How to stop “shiny object syndrome” from derailing your investing goals And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠h⁠t⁠⁠tps://www.biggerpockets.com/blog/rookie-716⁠. Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠advertise@biggerpockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.  Learn more about your ad choices. Visit megaphone.fm/adchoices