Most think of “breakaways” as those who leave the wirehouse world in search of greater freedom and flexibility and to create their own independent practices. It’s also common for these folks to focus initially on organic growth, then consider acquisitions down the road.
The guest in this episode took a different path, reminding us that breakaways do not always come from the wirehouses and can be more focused on the bigger picture right out of the gate.
In 2016, Chip Munn left regional broker/dealer Hilliard Lyons with a goal of finding more freedom to grow his business and expand into other markets. So, he and his partners joined the independent broker/dealer arm of Raymond James Financial Services. And since making the move, his firm, Signature Wealth Strategies, has grown from $300 million in assets under management to $1.2 BILLION.
In this episode, Chip talks about his unique journey and their amazing growth:
- What he felt was most limiting at his firm—and how moving to IBD model allowed him to solve for those limitations.
- Why they chose Raymond James—and how technology played a role in the decision-making process.
- Why he and his partners chose to focus on inorganic growth first—and what they needed to do to prepare for acquisitions.
And, ultimately, what everyone wants to know: What steps they took to accelerate asset growth by 4X.
Chip had a desire to build a bridge for other advisors looking to join an independent firm—and that he did, resulting in a business with phenomenal growth. It’s a genuine success story that reminds us that in a greatly expanded landscape, there is more than one path to independence.