Becoming the Clients’ Financial Concierge: $2B UBS Breakaways Set Their Sights on Being Fiduciaries for the Long-Term

Russell Crow and William "Billy" Diehl — Partners, Managing Directors, Beacon Pointe

?Overview

The first breakaway team to join Beacon Pointe Advisors offers a perspective on change at the wirehouses, the value of being a true fiduciary, the responsibility to a client and advisor’s business on serving an expanding list of client needs, taking a long-term look at the business, and much more.

About this Episode...?

It’s hard to criticize the firm you work for when you’ve built a business managing $2B in client assets.

But a certain reality exists for many top advisors like the guests on this episode.

That is, they recognize how the industry and their clients’ needs are evolving—and that their firm may not be equipped to support them for the long term.

Russell Crow and William “Billy” Diehl invested nearly 3 decades each in the wirehouse world, most recently as Managing Directors at UBS.

They watched as the financial advice industry morphed from a transactional model to one in which advisors served a wide variety of client needs. That is, financial advisors were more embedded in the lives of their clients, with seats at the table for decisions well beyond the world of stocks and bonds.

They were now expected to be true fiduciaries, serving their clients not just as a financial advisor but instead as a financial concierge.

It was a concept that fit well into Russell and Billy’s vision for their business, but not did not necessarily aligned with the firm's vision.

Ultimately, they left the wirehouse world in October of 2023 to join Beacon Pointe Advisors as the first breakaway team to integrate with the firm.

In this episode, Russell and Billy share a compelling narrative with Mindy Diamond, including:

• The changes they saw over decades in the wirehouse world—and how that inspired them to consider other options at this stage of their business.
• The evolution of their clients’ needs—and what specific things they can do for them now that they could not at UBS.
• The value of being a true fiduciary— and their clients’ reaction to learn that “technically” they were not as employees of the wirehouse.
• The choice to transition to Beacon Pointe—and why the firm won over another wirehouse or full-on independence.

It’s an episode with relatable experiences and actionable advice for both advisors at wirehouses and those in independence.wirehouse advisors and independent advisors alike.

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Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Pointe What does it take to garner the attention of one of the leading private equity firms in the world? Beacon Pointe’s President Matt Cooper and Sasank Chary, Managing Director of KKR, discuss the key drivers of their strategic partnership, explore Beacon Pointe’s extraordinary growth, share advice on what it takes to make your firm attractive to an investor, and much more.

The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence.

You can also listen to the full episode on our website, as well as on Apple Podcasts, Stitcher or Spotify.