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Mindy Diamond on Independence: An Industry Update on Mega-Moves

With 2023 mega-advisor moves already outpacing 2022, this episode explores case studies to answer: What was needle-moving enough to leave the firms where they built phenomenal businesses? What can we all learn from this activity? What is the impact on recruiting and the industry at large? And more.

It seems like hardly a day goes by when you don’t read of yet another $1+ billion team on the move.

And these huge transitions are not only being made by advisors. We’ve also seen several large independent broker dealer transactions and the continued frenzy of mega-RIA deals.

Yet, while last year was hot, this year is even hotter when it comes to mega-advisor transitions.

For example, according to our 2022 Transition Report, 30 teams managing a billion dollars or more either changed jerseys or left to build their own independent firm over the course of last year.

And by our count as of this recording at the end of Q3, we’ve already surpassed last year’s cumulative total with more than 30 billion-dollar teams transitioning from their current firms—representing over $50 billion in assets changing hands.

This is vital information because, as a firm representing advisors from their due diligence process through transition, we can tell you that moving a business at any level is not without stress and hassle. And surely, as you’ve heard from countless advisors on this series, while things may go smoother than many expect, just the decision-making process alone is a potent reminder that the transition needs to be impactful enough for you and your clients to be worth the time, energy, and yes, even the risk.

But think about it: All that hassle and risk multiplies with the size of the business. That is, the bar is set that much higher, and there’s much more to lose!

Yet, as these moves prove out, advisors of this size and caliber are choosing to move because they feel the gains on the other side far outweigh the hassle and risk at the end of the day.

So, as we see more and more mega-teams moving, Louis Diamond and Jason Diamond take to the mics to explore real-world case studies to answer some of the questions advisors are asking:

  • What was needle-moving enough for these mega-teams to leave the firms where they built phenomenal businesses?
  • Why are these moves relevant?
  • What can be learned from this activity?
  • What does this movement mean for advisors at any level?
  • What is the impact on recruiting and the industry at large?
  • And much more.

In an ever-evolving industry, there is one constant: Change. And change is not a single force but one that multiplies by a variety of inputs, influencing and impacting widespread transformation. As such, the movement of mega-teams sends signals throughout the industry, continually demonstrating to advisors at all levels that the potential to achieve one’s best business life is a reality.

Listen in and get a jump on the forces driving change.

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