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How Gil Baumgarten Broke Away From UBS and More Than Doubled His AUM in 8 Years

How nearly a decade of exploration and planning paid off for an advisor looking to build a “real” fiduciary model for his clients.

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For many advisors, it takes some time to get comfortable with considering a move to independence—leaving the familiar nest of the big firm behind, and all of the support and brand name cachet that comes with it.

For Gil Baumgarten, president and CEO of Segment Wealth Management, it was far less about taking the time to be comfortable with leaving UBS. He took nearly a decade to explore the independent space, prepare his book and design what he felt would be a bridge “three times as big and strong” as needed.

And he built a strong bridge indeed. In just eight short years since he launched his registered investment advisory firm, he has more than doubled his assets under management, quadrupled his take-home pay and created a “much better business” for himself and his clients. Growth aside, he now feels able to act as a “true fiduciary” to his clients.

Gil shares with Mindy:

  • How his take-home economics more than quadrupled since launching his firm, and how independence facilitated that growth.
  • What he learned in 10 years of exploration.
  • What he feels is the “right time” for an advisor to make the leap.
  • How he explained the move to his clients, and more importantly, how they reacted.
  • Why he feels the big firms’ focus on profitability means that the clients’ needs take a backseat to the bottom line.
  • The hurdles he overcame in learning to be a business owner.
  • And so much more.

As Gil says, the people best suited for independence are not those who are asking what kind of deal they can get; it’s those who are focused on building equity in a growing and profitable business. And there’s no doubt that taking the leap to independence for Gil has paid off handsomely—not just in terms of economics, but also in satisfaction.

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