Diamond Podcast: Former Merrill Advisor's Journey to $4 Billion Enterprise


Growth is not something that happens by chance.

It is the result of only the right combination of vision, strategic planning, determination and the ability to act on each.

Brett Bernstein is one such advisor who, just a few years after becoming a licensed broker at Merrill, realized he wanted more freedom in how he could build and grow his business.

That is, it seemed harder to achieve his goals as one of thousands in a large firm that has no choice but to reach for the lowest common denominator.

Admittedly, wires provide support, platforms, and technology stacks that serve most advisors and their clients well, but they're not for everyone.

As one of the latter group, Brett and his team moved on to LPL Financial in 2004—a firm that looked very different than it does today—where they grew the business to approximately $550 million in assets. But, as Brett said, they outgrew the broker/dealer model they were in.

In 2016, Brett and his team took the next big step towards independence, joining Focus Financial.

For Brett, the steps represented what he describes as moving from building a practice, then a firm and now an enterprise. Each with a goal of putting the right pieces in place to influence growth.

And when it comes to growth, it's pretty clear that Brett and his team know what they're doing: Today, XML Financial Group (a name derived from “ex-Merrill Lynch”) has client assets in the $4 billion range dollars.

In this episode, Mindy and Brett have a candid conversation about what it really takes to grow up, including:

  • The limitations she felt kept her from thriving—and how she overcame them during the transition.
  • The decision to walk away from a recruiting deal from another major firm—and whether that decision had an impact on his bottom line.
  • The value Focus Financial brings to the table—and why he refers to them as their horsepower to help turbocharge growth.
  • The story behind the firm's name – and how it plays into their culture and value proposition.
  • Even more!

It's a real-world account of what it takes to really grow and thrive in the wealth management industry with plenty of actionable advice from an industry peer.

Download a transcript of this episode…

Listen to more episodes of Mindy Diamond on Independence: A podcast for financial advisors considering change



Source link