Wire houses are massive institutions that have no choice but to operate at a level that is best for the vast majority of advisors – often referred to as lowest common denominator management.
And this model works very well for many advisors who are building their businesses at these firms. But for others with their sights set on the future and greater freedom in serving clients and growing the business, it may not be the right fit.
Reza Zamani is someone who has experienced this himself. From 2000 to 2012, he was an office consultant – first with UBS and later with Morgan Stanley.
However, 2012 would mark the year he decided to leave the wire world to build his own independent firm.
The wires proved too restrictive for Reza. He wanted customers to be able to “have it all” without sacrificing solutions or service, and to be free of any conflicts of interest inherent in a larger institution.
It's a common refrain shared by many advisors who switch firms or models.
Reza's decision to break away was a good one. He started SteelPeak Wealth in 2012 with $250 million in AUM. Today, SteelPeak manages $3 million with 20 advisors on the team.
In this episode, Reza joins Louis Diamond to talk about the decision to leave the wire world and how it translated into incredible growth, including:
- Choosing to leave the wired world – and why independence was the way to go.
- Disseminating the notion that independence means going it alone – and how the seemingly limitless support system and resources helped pave the way for their success.
- The value of taking on a small investor – and what this partnership has allowed them to achieve.
- Running a billion dollar business – and how it differs from his life on the phone.
The reality is that independence is not for everyone. But for those seeking greater freedom and control than they can experience with their current firm, it offers a path that can allow them to achieve their goals. It's an episode worth taking the time to listen to, with suggestions for both employee advisors and independent business owners.