From Insurance Broker Dealer to the RIA World: The Evolution of an Independent Practice

A conversation with David Pulcini, Managing Partner, SixPoint Financial Partners

They say that knowledge is limited by perspective.

Put another way, you can absorb only what you are exposed to.

So if you work for a firm, your view of what you can do to serve clients and grow your business is constrained by what your firm makes available.

Then one day, you start hearing about colleagues at other firms or models who share their experiences with technology or marketing. Or, in doing some cursory due diligence, you learn you can greatly expand the services you offer your clients.

And that’s when the proverbial light bulb goes off.

The guest on this episode, Dave Pulcini, started as a trainee at AXA Equitable, working hard for nearly 15 years but never really able to move his practice to the next level. Then he became a student of the industry, listening to podcasts from Michael Kitces and Mathew Jarvis, as well as this one, and realized that he was working in a bubble.

That is, there was so much he didn’t know about the real potential to build his business outside the insurance broker dealer model.

But it would take stepping outside of his comfort zone, digging deep to identify his goals and clarify his vision—and ultimately set his sights higher.

And that he did.

In 2018 he left AXA for boutique independent broker dealer American Portfolios. And earlier this year, Dave and his team decamped for RFG Advisory, a hybrid RIA.

In this episode, Dave shares those light bulb moments with Louis Diamond, including:

• The key differences between the insurance broker dealer, the independent broker dealer, and the RIA spaces—and how he exponentially grew his business with each leap.
• Steps to consider when your broker dealer is sold—and how that led him and his team to RFG Advisory.
• Forgoing the upfront check in a transition—and what he felt most strongly about in making that decision.
• The value of thinking long-term—and how stepping out of his comfort zone and challenging his thoughts changed his business.
• And, ultimately, how each decision Dave and his team made along the way served to evolve his independent practice, SixPoint Financial Partners.

Dave offers sound advice for any advisor who hasn’t taken the time to pop their head out and learn about an expanding industry landscape. Because as Dave found out, he didn’t know what he didn’t know—and that knowledge changed his business life in ways he never considered.

It’s a great story highlighting an advisory business breaking beyond the $150mm AUM range with real, actionable advice.

Related Resources

Emerging Enterprises: Independent Paths for Advisors Managing $100mm or Less - In a world that seems to focus on billion-dollar firms making the leap to independence, advisors at a lower asset threshold are wondering how they too can gain greater freedom and control. Here are 4 solid options. Read->

Going Independent with an RIA vs. IBD: A Comparison Fact Sheet - When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Download->

My IBD was just sold. Now what? - Advisor Group’s acquisition of American Portfolios Financial Services reminds independent reps whose broker dealer recently sold that whether content or not with your firm, the news is unsettling. So what does an IBD advisor do next? Here are 4 things that can help you to regain control of your business life. Read->

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