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Mindy Diamond on Independence

Mindy Diamond on Independence: Sanctuary Wealth $25B Later

Jim Dickson, founder and CEO of Sanctuary Wealth, recaps the early days of the firm, discusses where it is today and the growth of supported independence, plus shares lessons he's learned along the way.

 

It’s something we say often: Independence isn’t for every advisor.

But as evidenced by this podcast, the model has become an incredible motivator of change in the industry landscape, driving interest in ways like never before. And smart, entrepreneurial leaders seized an opportunity to fill a gap that serves two key purposes:

  1. An independent model that offers a turnkey, supported approach for those who see independence as a bridge too far to go it alone.
  2. An evolved advisor mindset; one more focused on achieving greater freedom and flexibility in servicing clients, as well as building a business for the long-term.

Enter firms like Sanctuary Wealth.

When we first interviewed Jim Dickson, the founder and CEO of Sanctuary, on this podcast 3 years ago, it was evident that he was on to something.

Just off the heels of his 20+ year leadership role at Merrill, he too, was a breakaway. Leaving the wirehouse world behind as a shift in culture was beginning to whittle away at the once entrepreneurial spirit that existed, Jim turned down other offers to pursue what he describes as the “best thing he’s ever done.”

That is, to launch independent platform provider Sanctuary Wealth.

And today, as the firm celebrates its 4th anniversary, they’ve grown to manage some $25 billion in assets, across 25 states with 75 partner firms.

In this episode, Jim outlines his journey with Louis Diamond, recapping the early days of Sanctuary and bringing us up to speed on where the firm is today, including:

  • Sanctuary’s evolution—and what he and his leadership team learned along the way.
  • The growth of supported independence—and why the model has gained such traction over recent years.
  • The firm’s key differentiators—and what their plans are to remain relevant in the long-term.
  • The role of M&A in their plans—and how recent capital infusions play a part in the bigger picture.

Plus, Jim shares an “insider’s perspective” of the wirehouse world he came from—and a prevailing sense of imbalance that’s driving the growth of models like Sanctuary’s.

It’s an episode that depicts how much the industry has changed in just 3 short years—so be sure to listen in.

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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