Overview

Mindy and Louis Diamond’s annual review is designed to provide guidance on the most impactful wealth management industry trends anticipated for 2025 including transitions, deals, comp, private equity, the wirehouse recruiting race, and more.

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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.

It’s time to turn the page on another year—and an exciting one it was.

The election activity aside, the wealth management industry made headlines on its own, with mega-teams on the move, massive M&A deals, and stunning leadership shifts.

What does this all mean for advisors?

How does this activity color the year ahead?

Mindy Diamond and Louis Diamond take their annual look back at the year past and share thoughts on the year ahead, including:

This is the one episode to listen to for guidance designed to help advisors and business owners alike inform their goal-setting and be better prepared to make decisions for the coming year with the power of knowledge behind them.

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

Of Myths and Moving 2024

Mid-Year Report on Deals, Transitions, and Recruiting

Should I Stay or Should I Go?

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Overview

Mike Quin, a former Market Manager at Wells Fargo, left the wirehouse world to launch DayMark Wealth Partners. Mike offers a candid perspective on his experience and how it motivated him and his team to build an independent firm that is focused on their clients, the strategies behind their extraordinary growth from $1B to $4B, and other valuable lessons for employee advisors and business owners alike.

> 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.

Many think that the breakaway movement is driven primarily by advisors—that is, those servicing clients and managing books of business yet attracted to the premise of being an entrepreneur and the prospect of building equity in the long term.

No doubt that’s true, but there’s also a trend of some of the biggest and brightest leaders in the industry who are equally motivated to execute their vision beyond the hallowed walls where they honed their leadership skills.

Mike Quin’s 26 years in the industry, for example, was primarily in senior leadership roles at Morgan Stanley, UBS, and, most recently, Wells Fargo Advisors as the Ohio Market Manager, where he was recognized as a Premier Manager each year.

In Mike’s view, his role was to work with financial advisors and their clients. Yet, over time, he felt the big firms were changing their perspective of the client side.

So, like many returning to the office after COVID, Mike and his advisor friends who ran their own practices at Wells found themselves thinking about the value they received from the firm—and whether they could fully serve clients with impunity.

In this episode, Mike joins Louis Diamond to talk about his decision to break away and their extraordinary growth from $1B to $4B, including:

It’s an important conversation with someone who saw the wirehouse world from the top down and is willing to candidly share his experiences—offering sage advice for employee 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.

Should You and a Non-Partner Colleague Transition Together?

Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update

The Employee Advisor’s “Gut Check”

Mike Quin

Mike Quin is one of the seven founders of DayMark Wealth Partners. Mike is responsible for managing the firm and growing the business through acquiring elite advisory practices across the country. He is focused on delivering a unique Multi-Family Office strategy to only the very best Advisors who choose DayMark. Through DayMark’s triangulation of advice, he has created a model that helps navigate possible conflicts of interest in which Advisors, for their clients, are able to create, build and preserve Generations’ Worth of Wealth.

Mike has 26 years’ experience in the Private Wealth Management Industry. Mike has spent most of his career in Senior Leadership running the Private Client Group Businesses in Ohio and Connecticut at UBS, Morgan Stanley, and most recently, Wells Fargo Advisors. During his time at Wells Fargo Advisors Mike served as The Ohio Market Manager and was recognized as a Premier Manager every year he was with the firm. Mike also was a member of the Executive Committee for the firms Women’s Initiative.

A graduate of Ohio University, he also attended The Wharton School where he received the SIFMA Certificate from Securities Industry Institute. Mike sits on the Board of the Karen Carns Foundation and is involved in many initiatives to help children throughout the communities in which DayMark does business. Mike enjoys playing golf, skiing, or any activity with his family. He is married to Christina, who also attended Ohio University. They have three kids, Jack (23) who recently graduated (University of Cincinnati) and is now working in the area with Altafiber, Kate (21), who a Senior year at the University of South Carolina, and Kevin who is a Sophomore at the Carl H. Lindner College of Business, University of Cincinnati.

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Overview

Steve Brennan, Managing Director and Head of Private Wealth Solutions from one of the leading private markets firms offers a unique perspective on the space, including how democratized access has helped foster growth beyond the wirehouses, the impact on an advisor’s business, innovations and trends, 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.

The private markets space has experienced tremendous growth over the last 20 years. From private equity to private credit and direct investments, clients have come to expect their advisors to have broad access to bespoke and interesting opportunities.

And firms like Hamilton Lane rose to the challenge to make that possible.

Founded in 1991, Hamilton Lane has become one of the largest and most respected private markets investment firms worldwide. Initially, the firm focused on private equity consulting, providing institutional investors with insights into the growing landscape of private assets.

Their focus on data-driven insights and customized solutions has made them a key player in the race to democratize access to private markets serving large institutions, individual investors, and family offices through tailored products and strategies.

In a space that’s growing by leaps and bounds, how can an advisor determine the best path for their clients?

Steve Brennan, Managing Director and Head of Private Wealth Solutions at the firm joins Louis Diamond to answer that and more, including:

It’s an educational episode with valuable information for employee advisors and independent business owners alike. Steve provides an informed perspective from one of the leading private markets firms in the world.

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

Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update

Is The End Near at The Wirehouses?

Wealth Management Landscape At A Glance: Focus on Independence

Steve Brennan

Steve is a Managing Director and Head of Private Wealth Solutions, leading the firm’s efforts to provide both evergreen and traditional private markets solutions to the growing Private Wealth channel. In this capacity he sets the strategic direction and oversees all aspects of the Private Wealth Solutions business.

Previously, Steve held numerous leadership roles in Hamilton Lane’s institutional business including Global Head of Business Development. Steve serves as a member of the firm’s Investment Committee and Evergreen Portfolio Committee. Prior to joining Hamilton Lane in 2002, Steve held relationship management and investment support roles at Goldman Sachs (GSAM) and BNY Mellon.

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Overview

Louis Diamond offers a perspective for UBS advisors on the firm’s compensation plan changes announced on November 21. It’s an episode for advisors who are curious about the updates and how they can use this knowledge to make informed decisions.

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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.

On November 21, UBS Wealth Management announced sweeping changes to its advisor compensation plan.

As consultants to financial advisors, our role is to provide guidance on anything that can potentially impact their ability to optimally serve clients and grow their businesses.

The goal of this episode is to take a step back and provide UBS advisors with some context on this important issue: a lens through which to consider their business in a more strategic way and to understand how these changes might stack up to competitors in the industry.

Louis Diamond shares his perspective for UBS advisors, including:

This episode is for UBS advisors who are curious about the plan changes, what they mean for their business lives, and how this knowledge can help them make informed decisions in 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.

Diamond Consultants Advisor Transition Report 2024: Focus on UBS

It’s the only report of its kind in the industry, designed specifically for UBS advisors. So complete the form below to get your copy.

Please note: Your information is shared only within our firm in complete confidence and without obligation.

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Overview

Jason and Louis Diamond explore strategies for maximizing enterprise value, whether or not an advisor plans to move. Learn actionable insights, key business practices, short-term vs. long-term tactics, and real-world examples.

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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.

All advisors, regardless of whether they are content where they are, are considering a move, or are in the process of doing so, would be wise to reconcile questions like:

Maximizing value is typically the goal of any advisor, regardless of whether they are pondering a move or not—and the reality is that movement is not, and should not, be a precursor to focusing on optimizing your enterprise value.

So then what should an advisor who may not be considering change be thinking about?

In this special Industry Update, Jason Diamond and Louis Diamond talk about the key components of an advisor’s business that impact enterprise value.

Listen in to learn:

Plus, they share real-world examples of the factors that make a business more “attractive” and how that impacts value and strategic shifts for advisors who may never make a move but are set on maximizing their carer enterprise value.

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 Maximize Your Career Enterprise Value

Top Tips for Setting Your Business Up for Success Years Before a Move

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Overview

Allan Boomer, the CIO of Momentum Advisors, shares his journey from a working-class background to an internship at Merrill and later landing at Goldman. In this episode, he discusses leaving Goldman to gain the ability to act as a true fiduciary in independence, the role of diversity as his “superpower,” his vision for a “100-year business,” his focus on long-term growth, 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.

Many of the most successful advisors start off in a place unlike the world they practice in.

For Allan Boomer, discussing the stock market at dinner or reading the Wall Street Journal wasn’t a part of his upbringing. However, hard work and strong family values were the major factors that influenced his formative years.

In high school, Allan joined a corporate internship program that offered him a summer position at Merrill, which changed his life’s trajectory.

After graduating from NYU’s Stern School of Business, he landed at Goldman Sachs and dug into his strong work ethic and determination to build his experience and book.

He recalls how his colleagues had family or friends they could call on to help them build their businesses, but he didn’t have that same reach as a young Black man in a working-class community.

Allan took several leaps of faith over the years, ultimately leaving Goldman – and much of his book on the table – to become a true fiduciary. Today, Momentum Advisors manages $400mm in assets with 10 employees.

In this episode, Allan shares how that vision drives him with host Louis Diamond and offers a unique perspective on growth, including:

Allan’s story is relevant and relatable for advisors at all levels, with a point of view on building for the long term from which all advisors can learn.

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

The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary

The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey

Your Guide to the Wealth Management Landscape: An At-A-Glance Map for Financial Advisors

Allan Boomer is the Founder and Chief Investment Officer of Momentum Advisors — a certified minority-owned investment management and financial planning firm in New York City with over $350 million in assets under management.

Outside of his role at Momentum, Allan is an active investor in real estate and franchise businesses. He and his partners own nine ZIPS Dry Cleaning franchise stores and are the largest franchisee in the ZIPS system. Additionally, he is the co-host of “The Momentum Advisors Show,” a weekly podcast which educates the public about building wealth through investments, financial literacy and entrepreneurship.

Allan holds an MBA in Finance from the NYU Stern School of Business, where he was a Robert A. Toigo Fellow, and a BS in Marketing from Morgan State University.

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Overview

Susan McKenna, CEO of eMoney, explores the fintech firm’s evolution, competitive edge, and the role of technology in wealth management. She discusses how eMoney’s tools foster client conversations and enhance experiences, shares insights on the future, and more.

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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.

It goes without saying that technology has been a mass disruptor in every industry.

In wealth management, fintech, as it’s referred to, has set the foundation for growth and efficiency with companies like eMoney leading the charge.

Nearly 25 years ago, eMoney Advisor hit the scene, providing a tool to help make advisors more efficient by leveraging the internet with a platform that allowed clients to access a “living breathing plan”—as opposed to a binder of documents that became stale shortly after delivery.

Today, eMoney continues to help create efficiencies for advisors and foster conversations with their clients about money by leveraging a suite of tools designed to empower planning and elevate the client experience.

So how can advisors best leverage technology like eMoney? What’s the real impact of fintech on an advisor’s business? And what is the next big disruptor everyone in wealth management should be aware of? We invited the CEO of eMoney, Susan McKenna, to join Jason Diamond on the show, to answer those questions and more, including:

Susan offers a unique perspective as someone who grew up through the ranks of the firm and drives an interesting conversation that describes the evolution of eMoney and the financial planning world—and technology’s role within it. It’s an episode that advisors at all levels and firms will learn from.

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

Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors

The Gears of Change: How Evolving Expectations of 3 Key Stakeholders is Driving More Advisor Movement Than Ever Before

Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update

Susan McKenna

As CEO, Susan oversees the execution of eMoney’s vision and business strategy in addition to managing its cross-functional, core leadership team. Before being named CEO in 2022, Susan was eMoney’s Head of Marketing and Sales where she led all activities that accommodate the underlying demand for financial advice, drive revenue and growth, and increase brand awareness.

Susan joined eMoney in 2018 with an extensive background in leadership and aiding companies to grow and scale. She has more than 30 years of experience, specifically in software and services for both major global market leaders and smaller rapid growth businesses. Prior to joining eMoney, she held senior positions at Billtrust, Revitas (sold to Model N), Princeton Softech (sold to IBM), and Deloitte. Susan graduated from Drexel University with a Bachelor of Science in marketing.

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Overview

Dylan O’Shea offers a unique perspective from a growing advisor with a long runway who could have easily opted for a transition check but instead chose independence. He discusses why he joined Quorum Private Wealth, the value of their shared vision, infrastructure, 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.

The choice to leave the firm where you built your business often comes down to what we call the pushes and the pulls.

The pushes are typically those things that are limiting or frustrating you. The pulls are the desire to achieve something greater: A vision for a future that allows you to serve clients and grow the business with less friction and more potential.

It’s not uncommon to feel some pushes, but we find that advisors more frequently shared that they left their firm because they were pulled toward an option that offered “a better way.”

Dylan O’Shea is one such advisor who felt that pull.

For Dylan, it was an attraction that led him toward independence after 10 years of building a solo practice at Merrill—a tenure that included serving as a coach for the financial advisor training program and as Chair of Merrill’s NextGen Leadership Council, and ultimately generating $1mm in annual revenue.

Yet, over time, the nagging sense that Merrill was “no longer his tribe,” as Dylan put it, became stronger—and he wanted to achieve more than he felt was possible at the firm.

As a young and growing advisor, Dylan watched as others left Merrill to follow their dreams and build independent firms that offered them greater freedom and control—which was a prospect that Dylan found attractive.

After conducting due diligence, Dylan decided to join former Merrill senior colleagues Kelly Milligan and Mike Barry at Quorum Private Wealth in 2022.

Dylan shares his story with Mindy Diamond, including:

It’s a narrative that offers a unique perspective of a young, growing advisor with a long runway who could have easily opted for a transition check but instead chose independence, why he opted to tuck into an existing firm rather than build his own, and much more.

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

Ex-Merrill ACTM Chair to Independent Business Owner: A Former Insider’s Point of View

Merrill Information Hub

Diamond Consultants Advisor Transition Report 2024: Focus on Merrill

Tuck-ins: Independence for Advisors Who Don’t Want to be That Independent

Dylan O’Shea, CFP®

After several years as a teacher, Dylan joined Merrill’s PMD training program in NYC where over the next decade he built a solo advisory practice to over $1 million in annual revenue. He also earned the CERTIFIED FINANCIAL PLANNER™ designation, recognized as the highest industry credential.

While at Merrill, he also held leadership roles as Chair of Merrill’s NextGen Leadership Council and as a coach for the FA training program in Merrill’s Fifth Avenue NYC office.

In late 2022, Dylan left Merrill for supported independence with Quorum Private Wealth, a Bay-Area based firm, and launched the NYC Metro office. In 2023 and 2024, Quorum was named as one of Forbes/Shook Top RIA Firms.

When not out in nature or supporting his children’s extra-curriculars, he can be found most weekends cheering on his beloved English Premier League soccer team, Tottenham Hotspur.

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Overview

Advisors often face the fear of the unknown, feeling dissatisfied but stuck in “what ifs.” Erin Rocchio, coach and Managing Partner at Evolution, joins Mindy Diamond to share strategies that help advisors break free of this inertia, acknowledge fear, and open their minds to transformational change.

> 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.

Many advisors reach a crossroads at some point in their careers, and it’s often rooted in the fear of the unknown.

While they may be dissatisfied with the firm they work for, they’re challenged by the “what ifs.” So much so, that they often can’t see “what could be.”

Yet, every day, there are advisors who choose to transition to another firm or model and ultimately transform their business lives.

How do they do it? Is it courage? Will? Knowledge? Or something else entirely?

Coach and Managing Partner of Evolution Erin Rocchio joins Mindy Diamond to explore the topic.

Erin has a unique knack for helping people dig deep and break free of the inertia that prevents them from moving forward. She and Mindy discuss strategies that she employs with her clients to create transformational change in our business lives, including:

Ultimately, as Erin shares, there is a trade-off of comfort now for something more compelling in the future—but how do you manage that process? Listen in to learn actionable strategies and techniques that she employs with her coaching clients to help them get “unstuck”—and change “what if” to “what could be.”

Products: www.ourwholenessatwork.com

Enneagram X Burnout Card Deck

Burnout Recovery Circles

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

The Strategic Due Diligence Roadmap for Financial Advisors

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

Erin Rocchio, MPOD

EXPERIENCE

For over fifteen years, Erin has worked with executives across industries to find the sweet spot between business results and personal meaning. She designs and delivers transformational leader, team, and organization development in line with business strategy. Released in 2020, Erin’s inaugural publication, Wholeness at Work: Free Yourself from Burnout for Good, addresses the science behind workplace burnout. She explores the symptoms, sources, and solutions across three levels: individual, relational, and systemic. Her Roadmap to Wholeness supports leaders in finding a lifelong path to sustainable well-being in their work.

Erin’s clients are curious, values-driven, emotionally intelligent leaders up to big things. She works with C-level executives at billion-dollar companies and founders of proven start-ups, helping them cultivate sustainable, high-performing leadership

teams based on metrics that drive engagement and results. Erin brings a philosophical orientation to her work rooted in Appreciative Inquiry (strengths-based change), the Enneagram personality system, Integral theory, and neuroscience-based organizational and leadership wellbeing.

PARTNERSHIP

Erin is a Managing Partner at Evolution, a coaching, consulting, and investment firm that partners with start-up and high-growth companies to drive long-term, holistic success through developing leadership, alignment and culture. Evolution works exclusively with companies that strive to be iconic, world-enriching, evolutionary businesses.

Erin’s clients include Snap, Glassdoor, Medtronic, City of Hope, Uber, Seattle Children’s Hospital, Cornerstone On Demand, Amazon Games, Retool, Companion Pet Partners, Slack, Abercrombie, Girl Scouts San Diego, Altana AI, Open AI, Research Affiliates, and Udemy.

EDUCATION

Erin earned a Bachelor of Science in Education and Social Policy from Northwestern University, and a Master of Science in Positive Organization Development and Change (MPOD) from Case Western Reserve University’s Weatherhead School of Management. While at Northwestern, Erin was an elite student-athlete, helping to build its Women’s Softball program to national distinction.

Erin is a certified Integral Coach with Integral Coaching Canada and a Senior Member of the Enneagram in Business Network. She holds additional certifications in Advanced Coaching with the Enneagram, a robust personality typing system (via Enneagram in Business) and Developing Leadership with Emotional Intelligence (via CWRU). Erin is also a member of the Organizational Development Network and International Positive Psychology Association. Erin is a graduate of Landmark Education’s Team, Management and Leadership Program, and is an avid fan of mindfulness and self-compassion meditation.

PERSONAL

Erin enjoys her free time watching her two young daughters discover the wonders of life around them.  Erin also has a soft spot for talking global politics and poetry. More than ever, she is an advocate for the development of young women as leaders in their communities.

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Overview

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

> 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.

The prospect of becoming an independent business owner is attractive to many advisors. The freedom and control that come with ownership, along with the potential of building equity, would seem like a compelling choice over transitioning to another employee model.

Yet, when it comes to deciding between monetizing through a recruiting deal now or making the leap to independence, many advisors find themselves caught in the middle—that is, between the proverbial bird in hand now and the potential down the road via increased growth, profitability, and even a sale of some or all the business.

Especially if you’ve never monetized, would it make sense to do so first before breaking away? Or should you just jump into independence headfirst with your sights set on the long term?

There are no simple, one-size-fits-all answers—but there are some strategies to help you through the decision-making process.

Jason Diamond does a deep dive into the topic with Mindy Diamond and shares some guidance to follow when faced with this important decision, including:

This is a full-on education of the choices that advisors have, as well as the determining factors for each. So, whether you’re a wirehouse advisor considering the best path forward or just looking to get acquainted with the ever-changing industry landscape, this episode is for you.

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

Move Once, Monetize Twice

Wealth Management Landscape at A Glance: Focus on Independence

What Advisors Should Focus on to Maximize the Value of Their Practice: An Investment Banker’s Guidance

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