It's hard to criticize the firm you work for when you've built a business that manages $2 billion in client assets.
But a reality exists for many top advisors like the guests on this episode.
That is, they understand how the industry and their clients' needs are evolving—and that their firm may not be equipped to support them for the long term.
Russell Crowe and William “Billy” Diehl invested nearly 3 decades each in the wire world, most recently as Managing Directors at UBS.
They saw how the financial advice industry transformed from a transactional model to one in which advisers served a wide variety of client needs. That is, financial advisors were more involved in their clients' lives, with seats at the table for decisions beyond the world of stocks and bonds.
They were now expected to be true believers, serving their clients not just as financial advisors but instead as financial gatekeepers.
It was a concept that fit well with Russell and Billy's vision for their business, but not necessarily with the firm's vision.
After all, they left the wirehouse world in October 2023 to join Beacon Pointe Advisors as the first breakaway team to integrate with the firm.
In this episode, Russell and Billy share a compelling story with Mindy Diamond, including:
- The changes they saw over the decades in the world of wiring – and how it inspired them to consider other options at this stage of their business.
- The evolution of their clients' needs – and what specific things they can do for them now that they can't at UBS.
- The value of being a true loyalist – and the reaction of their customers to learning that “technically” they weren't like wire workers.
- The choice to move to Beacon Pointe – and why the firm gained another house or complete independence.
It's an episode of relatable experiences and actionable advice for both office advisors and independent advisors.