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The Diamond Podcast for Financial Advisors: An $850M UBS Breakaway Story

Former UBS advisor Barry Mitchell discusses why he messed with success in the quintessential narrative for financial advisors around how to think about change, due diligence, the transition process and more.

Why do so many top advisors opt to make a change when things seem good enough?

This is one of those episodes that answers that question and many more.

Barry Mitchell was a UBS advisor who built an extraordinary business at the firm. Yet, as Barry describes it, he felt the pull of entrepreneurialism to a world where he could serve as a true fiduciary to his clients.

That is, a world without the conflict of interests inherent in the big brokerage world; where client minimums are the advisor’s choice, not the firm’s; and free of the limitations that barred him from marketing as he wished and building a real community around being a “financial advocate” as opposed to a “financial advisor.”

So, in 2021, Barry and his team left UBS to launch Next Level Private, an independent firm that he built from the ground up, with support from a team of experts, as he puts it—including their custodian Pershing and a cast of other partners well-versed in building an RIA firm from transition process onward. (In full disclosure, Diamond Consultants is proud to have served as his guide through the due diligence and transition process.)

In this episode, Mindy Diamond asks Barry many of the questions advisors have around considering change, like:

  • Why was he willing to mess with success?
  • Why not opt for an outsized transition deal from another big firm?
  • Why independence?
  • What was it like making a non-Protocol move?
  • What assumptions did he have that were ultimately proven incorrect?
  • How did his clients respond?
  • What about portability?
  • And much more.

Plus, Barry shares how this change has impacted his business life—and whether he is achieving all that he sought out to.

It’s the one conversation to listen to from an industry peer who once had many of the same questions as you—offering the quintessential narrative around how to think about change, due diligence, and the transition process.

Download a transcript of this episode…

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Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

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