Overview

John Thiel offers a unique perspective on the evolution of the wealth management industry and his former leadership role at Merrill. Plus, he shares how his new independent firm, Indivisible Partners, is carving a new path for those seeking a firm with a greater focus on the advisor.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

After nearly three decades with Merrill, John Thiel left the firm and his position as the Head of Wealth Management with just one regret: the feeling that there was more to be accomplished in the wealth management industry.

After seven years of remaining connected to the industry through consulting, board work, and similar endeavors, John’s vision for redefining the advisor’s role and what advice truly means to clients gained greater focus.

John’s experience at Merrill, where he rose through the ranks from advisor to management over the years, provided him with a unique perspective and valuable experience that few can claim.

It’s a trend we’re seeing more of these days—one in which members of the C-suites at the industry’s wirehouses are inspired to build a new independent business based on their knowledge of the gaps that exist in our ever-changing landscape.

Such “breakaway leaders” like John have a knack for seeing all sides of the circle—and they’re willing to bet their reputations on taking a shot at building the next big thing. And that’s the very space from which Indivisible Partners was born.

John joins Mindy Diamond in this episode to discuss his journey and outline his vision, including:

John sees the wealth management industry as having a bright future and recognizes that change is a big part of that. Listen in for a unique perspective on what lies ahead.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

You ARE Vulnerable: A Reality Check for All Wirehouse Advisors

Top Tips for Setting Your Business Up for Success Years Before a Move: An Industry Update

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

John Thiel

John’s multi-faceted role is to lead Indivisible Partners’ Operating Committee structure by helping set its vision and strategy as well as running the firm and attracting the best advisor talent available. He also supports and guides teams in practice management and business growth, drawing on his vision and expertise to shift the client experience to one focused on achieving their desired outcomes.

Indivisible Partners is John’s vision come to fruition. He has long believed that financial services firms fall short of fully helping clients integrate their money decisions with the realities of their lives. The Indivisible Partners model enables advisors to use the latest data, analytics, and tools within the rigor of an institutional-caliber process to improve the quality of today’s decisions without jeopardizing the plans of tomorrow, through more robust impact analysis. The view is holistic, the process is collaborative, and the outcomes are rooted in the client’s best interests.

His previous 27 years at Merrill Lynch has prepared John for this moment. There, he accelerated growth and drove a dramatic cultural and strategic transformation to better serve clients’ needs. As Head of Wealth Management, he led Merrill Lynch’s shift into goals-based wealth management and became a renowned thought leader in the financial services industry. He grew revenue from $12.5 billion to $15 billion, doubled pre-tax margins to 28%, reengineered and grew the financial advisor training program, and reduced experienced financial advisor attrition to historic lows of 2.5%.

Throughout his Merrill Lynch tenure, John cultivated an environment that fostered a powerful relationship of trust between clients and advisors. It is this culture that he and the Indivisible Partners leadership team are amplifying today. John continues to focus on servant leadership that empowers advisors to develop trusted relationships with clients while offering them easy-to-understand, outcomes-based advice. He believes this is where the industry is lacking and creates the space for Indivisible Partners to become a premier wealth management firm.

Overview

In an episode that serves as a free coaching session on the key techniques that the most successful advisors use to build and grow their practices, Dave shares proven strategies honed from his tenure at Merrill, his three bestselling books, and his advisor coaching practice.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

So many of us wonder, “What does it REALLY take to get from here to there?”

This is one of those episodes that unpacks that query for advisors who are striving to elevate their production levels.

Whether you have your sights set on reaching a million in revenue or aiming to double or triple your current production, the guest on this episode offers tried-and-true best practices to help you get there.

Dave Mullen wrote three bestselling books based on the industry-leading methodologies he employed as a Managing Director at Merrill, where he hired, trained, and managed over 500 advisors during his tenure at the firm.

After retiring from Merrill in 2007, Dave launched the coaching and training firm LearnTactic, now known as Altius Learning to help advisors at all levels up their games.

So if you’re a fan of The Million Dollar Financial Services Practice, The Million Dollar Advisor, or The Million-Dollar Financial Advisor Team, this will serve as a mini-masterclass with Dave himself.

In this informative episode with Mindy Diamond, Dave shares powerful and proven strategies from his experience at Merrill and from his current coaching practice—and answers some of the top questions advisors have asked me about growth, including:

Dave is a treasure trove of information, offering anecdotes from his experiences both at Merrill and from his own practice. It’s an episode that serves as a free coaching session with value for every advisor.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors

How to Set Up Your Business to Maximize Enterprise Value

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

Dave Mullen

Dave retired as a managing director at Merrill Lynch in 2007, where he personally hired, trained and managed over 500 financial advisors over 27 years. He has worked with hundreds of individual million-dollar and multimillion-dollar advisors, including many of the industry’s top advisors. At Merrill Lynch his responsibilities included:

During his management career, Dave was recognized numerous times for being one of Merrill Lynch’s top national managers. While at Merrill Lynch his advisor training programs had a consistent success rate significantly higher than the industry average.

Dave founded LearnTactix, now called Altius Learning, in 2007 with the objective of creating training and coaching programs that would be career-changing experiences for participating advisors and managers. He is the author of three bestselling books: The Million Dollar Financial Services Practice (one of On Wall Street magazine’s top picks and a Top Five choice by AdvisorOne); and The Million Dollar Advisor—Powerful Lessons and Proven Strategies from Top Producers (one of On Wall Street magazine’s top picks) and his new book The Million-Dollar Financial Advisor Team. He has been featured in Investment News and Smart Money magazines.

Dave holds a BA and MBA from the University of Georgia, and has attended the Executive Leadership Program at The Wharton School at University of Pennsylvania. Dave is an avid mountain bike rider and skier. He and his wife Cynthia have 4 children and reside in Denver CO.

Overview

Trent Leyda and Kay Campione offer a unique perspective on their time at Morgan Stanley, how it had come to diverge from their vision of building a family office they would entrust with their own families’ wealth, and how they are better equipped to realize that vision as an independent firm.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

This episode features a few plot twists that differentiate it from the typical wirehouse breakaway story.

For instance, one advisor who spent a dozen years with the CIA before starting a career in wealth management.

The balance of the story is one that’s far less covert, but just as compelling.

Trent Leyda was at Morgan Stanley when he met Kay Campione, a former CIA field intelligence officer turned Merrill advisor. She later left Merrill for Morgan and, with Trent, built a business managing some $1.4B in assets.

They had a strong focus on managing family wealth, which often left them wondering if the firm they worked for was the firm they’d want to manage their own family’s wealth and legacy.

It was thoughts like these that inspired Trent to say, “Let’s put a Plan B together, just in case.”

That plan, which revolved around building an independent firm, was later put into action. And in October 2023, Trent, Kay, and three other team members left to launch the RIA firm SpirePoint Private Client.

In this episode with Louis Diamond, Trent and Kay talk about their transition, including:

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

The Competition Conundrum: Charge Less or Offer More?

How Badly Do You Want It? A Process to Help Assess Whether Change is “Worth It” — A Special Industry Update

Kay Campione, CFP®

Prior to co-founding SpirePoint Private Client, I was an advisor with The Leyda Group at Morgan Stanley from 2017 to 2023 and have been in the financial services industry for 17 years.

From 1999 to 2011, I worked as a case officer for the Central Intelligence Agency. My role as a field intelligence officer helped me develop a knowledge of international markets and economies as well as an understanding of what drives human behavior. My husband, Paul, and I served four tours overseas, including Korea, Nigeria, Kenya and Indonesia.

In 2014, I received the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation*. I earned an MBA from the University of Chicago Booth School of Business and a Bachelor of Arts in Economics from Northwestern University.

I take great pride in our team being recognized as a Forbes Best-In-State Wealth Management Team in 2023.

As a first-generation immigrant, I am an unapologetic patriot and a lifelong fan of the Chicago Cubs. My husband and I are blessed parents of two sons and one daughter. In my spare time, I enjoy traveling, cooking (and eating) and spending time with my family and close friends.

Trent Leyda

Prior to co-founding SpirePoint Private Client, I led The Leyda Group at Morgan Stanley from 2009 to 2023. I started my career in New York City in 1995 working for a family wealth office, eventually becoming head of investments. After moving to Vero Beach in 2001, I have focused on building a team to become a high-performance family wealth office. SpirePoint is the result of decades of experience and commitment to achieving this objective.

I am honored to have received recognition as a Top 1200 Barron’s Advisor and Top Forbes Advisor from 2018-2023. I am particularly proud of our team being named as a Forbes Best-In-State Wealth Management Team in 2023.

I received an MBA from Pace Lubin School of Business and a Bachelor of Science in International Economics from The State University of New York. Both degrees were earned going to night school while working full time.

I have been blessed both professionally and personally with the support of my wife, Rachel, and our son and daughter. As I was raised by a single parent, my experience with parenthood has been and continues to be the most humbling and rewarding experience of my life. In my free time, I enjoy travelling with my family and trying to improve my golf game.

Overview

A download on M&A for the advisor who has an interest in building a business designed to be an attractive prospect for sale at maximum enterprise value. Identifies options to consider, the risks, and potential rewards.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

Mergers and acquisitions in the wealth management industry continue to break records and dominate the headlines, particularly those at the “enterprise-level”—like LPL’s acquisition of Commonwealth.

While that transaction rocked the world at Commonwealth, many advisors have a more “personal” interest in M&A. Specifically, they’re thinking more about their own business and maximizing enterprise value so that one day they can sell it on the open market.

We’re often asked about the concept of M&A, especially by advisors who work in the wirehouses or are building their practices at other employee-model firms. They’re often attracted to the potential of building an independent business that they can monetize at the end of the day, but they are unclear on what it takes to get from A to B and beyond.

And they’re wondering, “If I build it, will they buy it?”

In this episode, Mindy Diamond and Jason Diamond explore the answer to that question and more, including:

It’s a download on M&A for the advisor or recent independent business owner who wants to better understand their options for building a practice well-poised for growth and sale potential.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Advisor Transitions: Is the Risk Worth the Reward?

The Annual Update on Advisor Transitions and Deals: 2024 Edition

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

Overview

Shaun Hauser offers a unique perspective on how our northern neighbors perceive the wealth management industry, drawing comparisons to practices and firms in the US, and providing insights into creating an independent firm that has achieved extraordinary growth.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

This marks a first for our podcast series.

Our content focus has traditionally been on the wealth management industry in the US. However, in this episode, we’re heading across our northern border to gain a first-hand view of building a wealth management business in Canada.

For perspective, Statista reported that in 2024, assets under management by Canada’s wealth management firms exceeded a staggering 1.95 trillion US dollars. That’s nearly equal to the country’s annual GDP of 2.1 trillion US dollars.

To learn more about the industry, the similarities to the US, and the differences, we asked the Founder and CEO of one of the most successful independent Canadian firms, $35B+ Wellington-Altus Private Wealth, to join us.

Shaun Hauser built a career as an investment advisor in Winnipeg before founding Wellington-Altus in 2017. With a knack for focusing on the long term, he was ultimately motivated to launch the independent firm and later take on a private equity partner.

In this episode with Louis Diamond, Shaun does a deep dive into his firm and the Canadian wealth management space, including:

It’s a conversation that offers a fresh perspective on how our northern neighbors view the wealth management industry, with valuable takeaways for advisors and business owners alike.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

Top Tips for Setting Your Business Up for Success Years Before a Move: An Industry Update

Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors

Shaun Hauser

A successful Investment Advisor in Winnipeg, Shaun has worked in the field since 1998. He has extensive experience in the management and organization of departments and companies in the wealth management industry.

Shaun also worked for Wellington West, where he managed operations and sales for the asset management subsidiary. Recently, Shaun served on the executive committee of NBF Wealth Management, where he was VP of Advisor Strategy and Support.

Overview

Glenn Israel reached a point where he recognized that, as an employee, he was limited in his ability to serve clients and grow his business. So he left Edward Jones to launch GFI Wealth Partners and shares what he learned in the transition process, what he can do differently in independence, and more.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

Realizing that you, the advisor, are responsible for every aspect of your business often marks a turning point in many careers.

Ultimately, you’re the one who drives the bus and makes the decisions—such as how clients are served, when to hire staff, and what products and services to offer.

That is, unless you are limited to what the firm or model dictates—then the biggest decision you need to make is whether the firm you work for allows you to build and grow your business without limitation.

For Glenn Israel, the reality that “the buck stops here” motivated him to leave the practice he built at Edward Jones and make the leap to independence.

Glenn’s career is much like other breakaway advisors: He began his journey at Merrill and later moved on to Edward Jones, where he built the business to $215mm.

It was 13 years in at Edward Jones that Glenn decided it was time to make a change—and that the buck didn’t just stop with him, it started with him.

So he made the leap to independence in July of 2022, launching GFI Wealth Partners under the Raymond James umbrella.

In this episode, Glenn talks about his journey with Jason Diamond, including:

It’s an equally relatable story for advisors considering change and independent business owners.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Diamond Consultants Advisor Transition Report 2024 – Focus on Edward Jones

Post-Transition Survey: Checking in on Former Edward Jones Advisors Who Recently Moved

Should I Stay or Should I Go? An Advisor’s Guide to Thinking Through Their Biggest Decision

Glenn Israel, CFP®

With more than twenty years of experience in financial planning and investment management, Glenn Israel has the accumulated knowledge and perspective to help you with your financial goals. Glenn understands the dynamics of wealth, how to balance the complex forces at work and how to adapt intelligently as conditions change.

As your life and your needs as an investor evolve, so will your vision for the future and risk tolerance. Glenn will be with you every step of the way offering sound advice and customized financial solutions designed specifically for you.

Glenn endeavors to create long-term, meaningful relationships with a select group of clients and provide them with personalized financial planning advice using some of the industry’s most comprehensive resources. His investment process takes into account your investing experience, your expectations for returns, your tolerance for risk, and the performance of your portfolio.

Based on what he learns about you and your goals and an analysis of the current financial markets, Glenn designs a customized investment portfolio based on recommendations made solely with your best interest in mind. He then takes the time to explain his recommendations and once you are comfortable with your new plan, Glenn puts it into action and reviews its performance for opportunities to adapt to life changes and new goals.

Glenn began his career in financial services in 2002 and previously spent thirteen years with Edward Jones. Today, Glenn provides comprehensive planning with retirement, college education, insurance, income distribution needs, and estate planning in mind through Raymond James.

A native of the San Francisco Bay Area, Glenn currently resides in Munster, IN. Away from the office, Glenn enjoys spending quality time with his children Jack, William, and Josephine, laughing with his friends, playing all types of racket sports, and allocating some time to be present in nature.

Overview

The industry thought leader shares insights on the factors that impact efficiency and growth, citing research from his latest Productivity study, and weighs in on launching a firm, building a team, the role of technology and AI, and much more.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

Few individuals in the wealth management industry have a name that holds as much significance as Michael Kitces.

Many undoubtedly recognize him from his website, Kitces.com, his industry-leading Financial Advisor Success podcast, research reports, and his extensive media presence. Yet many may not realize that Michael’s advice and narratives come from deep-rooted industry experience.

Michael serves as the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA managing over $50 billion in assets. Additionally, he is a co-founder of XY Planning Network, AdvicePay, New Planner Recruiting, and several other firms related to the industry.

Through all of this, Michael somehow finds the time to be a gracious guest, willing to share his time and knowledge with the rest of us. This is the fourth time that Michael has joined us on this show, so be sure to check out the other episodes, the links to which you’ll find on this episode’s page.

Today, we tackle a few key business topics that many advisors frequently seek guidance on. That is, growth and productivity—and how the two go hand-in-hand when building a successful wealth management business.

Michael shares actionable advice and insights from his recent Productivity Study with Mindy Diamond, including:

Michael always shares a wealth of knowledge with key takeaways for every advisor and business owner, so be sure to tune in.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Michael Kitces on Advisor Wellbeing: How Autonomy is Trumping Income When it Comes to Advisor Happiness

Michael Kitces on Everything Financial Advisors Need to Know About Growth

Michael Kitces on How to Differentiate and Grow in a Competitive Environment

Michael E. Kitces

Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors.

In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View through his website www.Kitces.com, all dedicated to advancing knowledge in financial planning.

Beyond his website, Michael is an active writer and editor across the industry and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), the first balanced and objective book on annuities written for attorneys, accountants, and financial planners, and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others.

Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity, from the pioneers of financial planning to the next generation of the profession.

Overview

Steven Jarvis, the founder and CEO of  Retirement Tax Services, offers advice on how a CPA can help increase the growth and enterprise value of an advisor’s business by providing tax planning strategies and more.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

Certified Public Accountants (CPAs) can add incredible value to the service that financial advisors provide to their clients. Beyond basic accounting practices, they can serve as powerful partners, especially when it comes to tax planning strategies, which can lead to added growth for an advisor’s business.

In this episode, Steven Jarvis, who bills himself as “The Least Boring CPA,” explores that potential with us.

The Jarvis name may be familiar: Matthew Jarvis, Steven’s brother and business partner, who was also a guest on this show, is a popular podcast host and CFP.

In the first decade of his accounting career, Steven was on the partnership trajectory at a national firm. That’s when he realized that his work was often relegated to a single page inserted into a much larger report—and it didn’t have nearly the impact he had hoped for.

As Steven put it, “There was a disconnect between my ability to make change and my desire to do so.”

Since then, Steven has found the connection he was looking for. As the founder and CEO of Retirement Tax Services, he works with financial advisors on tax planning through a year-round tax service model that keeps the financial advisor in the driver’s seat.

What does that really mean? In this episode with Louis Diamond, Steven answers that and more, including:

Essentially, Steven covers all the bases around taxes so advisors can focus on delivering what he calls “massive value” to their clients.

Steven lives up to his title as “The Least Boring CPA” and is generous with sharing his knowledge, so be sure to tune in.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

How to Deliver Massive Value: Turning the Tables on The Perfect RIA’s Matthew Jarvis

The Competition Conundrum: Charge Less or Offer More?

MaxCeV™: How to Maximize Your Career Enterprise Value

Steven Jarvis, CPA

Steven Jarvis, CPA is the CEO and Head CPA at Retirement Tax Services, a tax firm focused on working with financial advisors to change the world one tax return at a time. In this role Jarvis spends his time working with real financial advisors and taxpayers to help find opportunities to not tip the IRS. Afterall, there are no patriotic awards for overpaying taxes.

With over 10 years of experience (and counting) as a CPA, Jarvis has the hands-on experience to create actionable content for his audience. He has been featured in industry publications including Advisor Perspectives and regularly produces content for financial advisors through the Retirement Tax Services website and the Retirement Tax Services Podcast. His experience covers written content, public speaking at leading industry conferences and 3 years as an adjunct professor in the graduate business school at Whitworth University.

“Steven regularly speaks on a variety of tax topics for financial planners but always keeps his focus on how attendees can take action (information only has value if it is implemented!). Some of Steven’s favorite topics to cover include:

Steven’s years of experience and time working with hundreds of financial advisors gives him the ability and expertise to speak on a variety of topics, so if there is a tax topic you don’t see on the list you’d love to hear him speak on, just ask!”

Overview

LPL Financial, the largest independent broker dealer, is set to acquire Commonwealth Financial Network. Louis Diamond shares a perspective for Commonwealth advisors and LPL advisors alike and what the acquisition means for the industry at large.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

LPL Financial, the largest independent broker dealer, is set to acquire Commonwealth Financial Network—and it’s big news.

Commonwealth has established a reputation as one of the most advisor-friendly independent broker-dealers in the industry. The firm is well-known for its strong culture, impressive technology, and advisor-centric focus.

On the other hand, LPL is a $1.8T organization dedicated to the legacy on which the firm is built, as CEO Rich Steinmeier recently shared in this series. That is, the advisors are LPL’s clients, and it maintains the tradition of treating advisors “like people, not accounts.”

In this episode, Louis Diamond shares insights for advisors at Commonwealth, LPL, and the broader industry, including:

It’s an important perspective for all advisors—one that offers actionable advice, especially for those who are building their businesses in the independent broker dealer world.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Your Broker Dealer Was Just Sold. What Should You Do?

The 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data

Up Close with Rich Steinmeier: LPL’s CEO on the Transformation of a $1.8T Company

Overview

Scott Pinkerton of FourThought Private Wealth offers a perspective on outgrowing the independent broker dealer model, transitioning to an independent RIA, and the extraordinary growth realized as a result of the change. Scott unpacks the difference between the models, shares why he opted to sell equity to Focus Financial, and more.

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

Independence comes in various shapes and sizes—with different levels of freedom and control that can serve just about any desire an advisor may have in building their business.

Scott Pinkerton knew that firsthand, having joined his father’s business in the 1980s at A.G. Edwards. Wachovia’s acquisition of the firm, which soon became Wells Fargo, opened the door for Pinkerton Private Wealth to join Wells’ independent broker dealer model, Finet.

For decades, the IBD model worked well for Scott and his team, building the business to over $700mm in assets under management.

Yet there came a point when Scott wondered: “Should we coast along and just stay comfortable, or should we challenge ourselves to beat the trends and go for it?”

Then, it became clear that even though they were “independent,” they were still limited by the guardrails imposed by the IBD model. To be a true fiduciary and make untethered decisions about their business and how they served clients would mean taking the ultimate leap: launching their own independent RIA.

And so they did. In 2020, FourThought Private Wealth launched and five years later grew to manage over $1.7B in client assets.

In this episode with host Mindy Diamond, Scott talks about that journey and his transition, including:

Plus, Scott offers a detailed perspective on serving clients, their ability to provide “unique” family office services, the realities of business ownership, and much more. It’s an episode for any advisor or business owner who may be looking at their business and considering how best to optimize it for now and the future.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

You ARE Vulnerable: A Reality Check for All Wirehouse Advisors

Are You Vulnerable? An Advisor’s Guide to Surviving and Thriving in a Hyper-Compliant Environment

Vulnerability & Termination – An Advisor’s Survival Guide

Scott Pinkerton

Scott is a CERTIFIED FINANCIAL PLANNER® and Accredited Investment Fiduciary® who began his career in financial planning in 1985. He also completed the Certified Investment Management Analyst® program through the Wharton School of Finance. He later became a Certified Private Wealth Advisor® through the Investments & Wealth Institute at the University of Chicago Booth School of Business. CPWA® is an advanced credential for wealth managers who work with high-net-worth families and individuals, focusing on the life cycle of wealth: accumulation, preservation, and distribution. Most recently, in 2023, Scott was named to the Barron’s Top 1200 Advisors and Forbes Best-In-State Wealth Advisors. Scott is a longtime philanthropist, a deacon in his church, and an avid cyclist. He and his wife of more than 30 years, Julie, have three grown daughters and four grandchildren: 2 granddaughters and 2 grandsons.

Browse other episodes in this podcast series…