What’s the real reason advisors choose independence?

Another billion-dollar-plus team on the move—this one facilitated by Diamond Consultants! We've seen a large uptick in larger teams like this considering alternatives even though they clearly could have continued to be successful at Merrill. But when a team has certain challenges that they can’t solve for where they are, now more than ever, there are firms available to meet those needs. Stifel isn’t a wirehouse firm, but advisors find their “big firm resources with a boutique culture” refreshing.

Wirehouses are massive institutions that serve the needs of thousands of successful advisors and their clients. As such, these firms have no choice but to operate on a level that is best for the largest majority of advisors—often referred to as managing to the lowest common denominator.

And it’s a formula that works for most – but not for all – advisors.

The added guardrails can limit those who want to take a more bespoke, out-of-the-box approach with their clients—who are increasingly demanding more from their advisors.

And what of those advisors who simply have a more entrepreneurial spirit? That is, those who have their sights set on the future and want to build their businesses in a way that’s just not possible from within a captive environment.

Reza Zamani is a great example. He wanted clients to be able to “have it all” without sacrificing solutions or service, and to be free of any conflicts of interest inherent to a larger institution.

Plus, Reza had his sights set on the longer term. And the wirehouse environment proved too limiting.

After a dozen years of building his business in the wirehouse world, Reza decided it was time to break for independence.

And it turned out to be a good decision. He started SteelPeak Wealth in 2012 with $250mm in AUM. Today, they manage $3B and have 20 advisors on their team.

As our guest in this week’s featured podcast episode , Reza talks about the decision to leave the wirehouse world and how that translated into tremendous growth. He also dispels the notion that independence means going it alone, and how the seemingly limitless support system and resources helped pave the way for SteelPeak’s success. And he shares the value of taking on a minority investor and what that partnership allowed them to achieve.

The reality is that independence is not for everyone. But for those seeking greater freedom and control than they may be experiencing with their current firm, it offers a more efficient path to achieving their goals.

It’s an episode worth investing the time to listen to , with takeaways for employee advisors and independent business owners alike, so be sure to listen in .

When it comes to independence, advisors often ask us how many of their peers are opting to become business owners vs those who choose another employee model. You can get that answer and more in our Advisor Transition Report . It covers a full year of advisor movement, featuring an in-depth analysis of trends, the winners and losers of advisor talent, and commentary on the key firms in the industry. Be sure to get your copy here…

As we all start to sign off for the holiday, which has come to signify the unofficial start of summer, let’s be sure to remember those who gave the ultimate sacrifice for our freedoms and the ability to pursue our best business lives.

Here’s to your continued growth,

Mindy Diamond

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