That nagging feeling: “We could be doing better…”

Transition of the Week

Why it matters: This transition is further proof that private bankers are moving with greater frequency. While leaving a private bank is one of the more challenging transitions given portability concerns, legal risk, and the like, it’s a population of advisors increasingly finding themselves with far greater optionality than ever before. Most often, these advisors move to wirehouses or join UHNW-focused RIAs (such as Summit Trail) where they can become equity owners, receive a higher payout, and serve their wealthy clients with far greater autonomy and access to true open architecture.

Every advisor reaches that point sometime in their career, some quicker than others. What’s the resolution?

Donna,

Sure, limitations exist everywhere—especially at the largest of firms.

So, it’s not uncommon when growth-minded advisors reach a tipping point.

They get a nagging sense that there’s a?better way?to serve clients and grow the business—yet they’re blocked by compliance restrictions or products and services that lack breadth and sophistication.

This is especially true when they are employees of a much larger institution, like a bank brokerage.

No doubt, with the built-in referral systems and training programs, these are great models for young advisors to build their businesses.

Until they hit the proverbial wall—and they just can’t get to the next level that they envision for their clients and business.

That is, the firm’s “guardrails” naturally limit those who have their sights set on creating something bigger and better—a business designed for the future, poised for growth and scale, with the freedom to serve clients’ unique needs.

We’re seeing more and more young, ambitious advisors reach this plateau—for example, the guests in?this week’s featured podcast episode, Dustin Cali and Daniel Ventura.

They each invested just over a decade as Private Client Advisors at J.P. Morgan and watched as their peers built successful independent businesses.

And they, too, wanted?“more”?than what they could achieve in the bank model—and they felt certain that there was a?better way?to achieve their vision.

Dustin and Daniel could have opted to move to another employee model, but instead they joined together and launched independent firm Praetego Private Wealth on the Sanctuary Wealth platform.

To them, this was the best path to achieving their vision.

Listen in to this special episode?as Dustin and Daniel offer a unique perspective for other advisors who have the vision to build?“something better”—regardless of the model you’re building your business in.

It’s the perfect companion to?this week’s featured tool.?It offers a formula to help answer an important question every advisor should ask themself:?How can I maximize my career enterprise value??So be sure to download it here.

Keep learning and growing,

Mindy Diamond

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