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Mindy Diamond on Independence: $1.2B Ex-UBS Advisor on the Value of 'Controlling Your Own Ship'

A conversation with Matt Kilgroe, president/CEO, Cyndeo Wealth Partners.

 

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Most independent advisors start out by building strong practices in traditional firms. While plenty of them continue to build mega-businesses as employees, for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms.

It’s this combined force of pushes and pulls that often motivates an advisor to explore the potential that independence offers.

And one of the primary motivations behind Matt Kilgroe’s move.

Because after building a $1.2 billion business at UBS, Matt found he was hitting a wall in what he could do for his clients.

And the more he learned about the independent space, the more he was drawn to being a business owner—and removing the constraints that were limiting him and his team from greater control over their business.

So in June 2020, amid the pandemic shutdowns, Matt and his team launched Cyndeo Wealth Partners in St. Petersburg, Fla.

And they didn’t miss a beat—transitioning 98% of their clients in the process.

In this episode, Matt discusses his journey with Louis Diamond, including:

  • The key motivations that inspired building an independent firm—and why he chose not to do so when he first explored the idea nearly a decade ago.
  • The heightened sense of advisor vulnerability at the wirehouses—and how a few key incidents with other top producers were “eye-openers” for Matt and his team.
  • The choice to go independent versus taking a recruiting deal—and what Matt feels he ultimately gained in choosing independence.
  • The significant impact of a “lack of control” at UBS—and how they have since expanded services to their high-net-worth clients.
  • The choice to work with Dynasty Financial Partners—and what other options they considered.
  • The conflict of all products being under one roof—and why it’s “better” to be able to “Shop the Street.”

As Matt shares, by going independent, they are now able to serve their clients as “true fiduciaries,” with the ability to look at the “whole picture” and provide any and all services their clients need. For some advisors, that ability alone is enough to consider the leap, but for Matt and his team it was a “pull amongst pushes.”

It’s a straightforward and articulate account of how having greater control over how an advisor serves a client’s needs can foster both goodwill and growth.

Download a transcript of this episode…

Listen to the podcast

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

Mindy Diamond is CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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