“Limited.”
It's a word many advisors who live in the wired world use when describing the motivations around their move.
It's a descriptor that demonstrates a sense of lack of freedom to serve customers and grow the business in a way that resonates with their vision—rather than the mandates of a larger firm, a banking entity, or shareholders.
Tony Smith was one of a team of seven at UBS serving HNW clients, generating around 18mm of annual revenue and managing assets in the vicinity of $4.4bn.
However, the sense that things had changed during his 14-year tenure at the firm had grown stronger over time. Increasing restrictions, bureaucracy and a general lack of freedom – all themes that Tony saw as a common symptom of life at large brokerage firms.
And in the end, the desire to have greater flexibility and autonomy became a strong pull to consider independence.
With two team members having around 5 decades in the industry each, one might think independence was a bridge too far. However, Tony led the team at the launch of Stonegate Investment Group to achieve what they describe as an unlimited and highly personalized experience for their high net worth clients.
And since its inception in 2021, Stonegate has grown to manage $6 billion in client assets.
Tony shares an incredible story of growing up with Mindy Diamond, including:
- After growing the business to $4.4 billion, why Tony and his team chose to explore their options – and why they chose independence.
- The limitations they experienced at UBS – and how independence gives them greater freedom in serving their clients.
- The plateau of complacency – and how to never reach it is the key to building an incredible business.
- “Your customers, your business, yourself” – and why Tony thinks it's a long-term decision that needs to be thought of that way.
- And much more.
It's an incredible story that provides perspective on why advisors seek change and how that motivation and clarity around goals can result in tremendous growth—important for employee advisors and business owners.