Why do advisors pursue change?
It often comes down to this statement: “We were not able to 'empty'.”
And for many, this void is filled with statements like:
- Serve customers without limits.
- Build a brand, or market freely to customers and prospects.
- Access a stronger platform or better technology.
- Own capital and build enterprise value.
And for some advisors, it can be some of the above—and then some.
For example, Angie Ostendarp and Jordan Raniszeski joined forces at Wells Fargo in 2008 and, along with Mary Ware, built a strong practice managing over $1 billion.
But things were changing in the firm and the restrictions multiplied. Over time, it became more difficult to do what was most important to them: serving their customers.
Ultimately, in March 2023, Angie and Jordan's due diligence journey landed them at LPL Strategic Wealth Services, along with Mary and two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver, with a total of $1.45 billion under management. Carnegie Private Wealth would become the largest team to join the former LPL model.
On the supported independence platform, the team was able to create a firm that would meet all of their clients' needs without the heavy lifting of building it from scratch.
Angie and Jordan join Louis Diamond to share their journey from Wells to independence, including:
- Building an extraordinary business in Wells – and how they did it despite the limitations they later experienced.
- Their motivations about change – and how they were running away from the model rather than the firm.
- The feeling of “crossing the channel” – and why they felt like they were “no longer in the right place”.
- Their perspective on business ownership – and how it has affected their lives.
- The value of education – and how a deep understanding of their options made the decision process less complex.
This episode shows how advisors can reach a point where a firm's business model may no longer align with the goals and values of a growing practice—and that's where the value of education comes in. Listen to learn from the experience and point of view of this successful team.