For many advisors, finding the “North Star” is a journey to identify what is most important to their businesses and lives.
This realization often serves as the basis for a renewed commitment to their firm or as a motivation for change.
Nathan Harris began his career at Merrill in 2006 and joined a team of eight. His experience at the firm was not unlike many other advisors we talk to: He worked with a great team and built a stellar business, yet he began to recognize the firm's “trend of change.”
So Nate dove headfirst into due diligence to explore the options available to him. He talked to “at least a hundred individuals,” he said, and filled an entire notebook with information that he and his now-partner Jeff reviewed throughout the exercise.
They decided that their North Star was founded on the ethos that a change should be better not only for their customers, but also for their team and themselves.
And one thing became clear early in the process: Each could actually be better.
After exploring a variety of firms and models, they made the leap to independence and launched Covenant Capital's independent broker/dealer model with Raymond James in 2021.
In this episode, Nate shares a compelling story with Jason Diamond, including:
- The evolution trendline at Merrill – and how it influenced the decision to make the move.
- RIA vs. IBD—and what drove the decision to choose the independent broker/dealer model.
- Breaking a team—and why some chose to stay at Merrill rather than switch to Raymond James.
- The due diligence process—and why he sees it as a valuable exercise every advisor should engage in periodically.
- The logic and emotion of decision making – and how to consider both.
- Plus, Nate offers really valuable advice on how to take stock of your business life—and keep your north star on top.