No one likes to feel limited by the firm or model you've built your business on.
Unfortunately, it's not uncommon for advisors to reach that point—especially when they're employees of a much larger institution, like a bank brokerage.
Many young advisers start their careers in bank branches. They provide a solid training ground, a steady stream of referrals, and the scaffolding and support to keep them on track.
While the built-in referral mechanism can help grow the client base, over time, the firm's “backers” naturally limit those who aim to create something bigger and better—a business designed to future, ready for growth and scale. with the freedom to serve the unique needs of customers.
Dustin Cali and Daniel Ventura invested just over a decade each as Private Client Advisors at JP Morgan. As young advisors with high ambitions, they watched industry peers build successful independent businesses.
And this made them think, “Why not sooner, rather than later?”
So together they started the independent firm Praetego Private Wealth on the Sanctuary Wealth platform.
In this episode with Mindy Diamond, Dustin and Daniel offer a unique perspective to bank brokers, private bankers and other young advisors who have the vision to build “something better”, including:
- Choosing to join – and why they chose to start an independent practice on the Sanctuary Wealth platform.
- Their transition process—and how they managed the portability concerns inherent in the banking model.
- Choosing to make the leap to independence early in their career – and why they didn't opt for a transition deal from another firm.
- The limitations they found in the bank brokerage model – and how they grow, scale and serve their customer base differently independently.
- And they offer advice to advisors on the real potential to build and grow the business of their dreams – plus much more.
It's an episode that will appeal to counselors who have thought, “We can do things better,” with similar experiences from those who were once in that very place.