Wirehouses are massive institutions that have no choice but to operate on a level that is best for the largest majority of advisors—often referred to as managing to the lowest common denominator.
And that model works perfectly well for many advisors who are building their businesses at these firms. But for others with their sights set on the future, and having greater freedom in serving clients and growing the business, it may not be the right fit.
Reza Zamani is someone who experienced this firsthand. From 2000 to 2012, he was a wirehouse advisor—first with UBS and later with Morgan Stanley.
Yet 2012 would mark the year he decided to leave the wirehouse world to build his own independent firm.
The wirehouses proved too limiting for Reza. He wanted clients to be able to “have it all” without sacrificing solutions or service, and to be free of any conflicts of interest inherent to a larger institution.
It’s a common refrain shared by many advisors who change firms or models.
Reza’s decision to break away was a good one. He started SteelPeak Wealth in 2012 with $250 million in AUM. Today, SteelPeak manages $3 billion with 20 advisors on the team.
In this episode, Reza joins Louis Diamond to talk about the decision to leave the wirehouse world and how that translated into tremendous growth, including:
- The choice to leave the wirehouse world—and why independence was the right path.
- Dispelling the notion that independence means going it alone—and how the seemingly limitless support system and resources helped pave the way for their success.
- The value of taking on a minority investor—and what that partnership allowed them to achieve.
- Running a billion-dollar business—and how it differs from his life at the wirehouses.
The reality is that independence is not for everyone. But for those seeking greater freedom and control than they may be experiencing with their current firm, it offers a path that can allow them to achieve their goals. It’s an episode worth investing the time to listen to, with takeaways for employee advisors and independent business owners alike.
Download a transcript of this episode…