Monday, April 15, 2024
HomeWealth ManagementMindy Diamond: Jack Peterson on Summit Path's Blockbuster Breakaway

Mindy Diamond: Jack Peterson on Summit Path’s Blockbuster Breakaway


It was some of the vital and notable leaps to independence in 2015. And even at this time, advisors nonetheless speak about it.

Jack Petersen was the pinnacle of Barclays Wealth and Funding Administration for the Americas, ensuing from a fast turnaround transfer after Lehman’s chapter in 2008.

After years within the enterprise, Jack admits feeling burnt out within the administration function, so he shifted again to his roots as an advisor, which led him to later take into account whether or not there was a greater strategy to serve his ultra-high internet price purchasers.

That’s, he got here to the conclusion that to serve this subtle consumer base correctly meant customization and proposals outdoors of the Barclays infrastructure—and it was clear that one other conventional agency would current them with the identical challenges.

Pulling collectively just a few like-minded groups that additionally served the distinctive wants of this constituency, Jack and 5 different co-founders launched Summit Path in July 2015 with assist from Dynasty Monetary Companions.

It was a landmark occasion in measurement and scope: $3B in managed property at three concurrently launched websites throughout the nation.

Headlines asserting the transfer described Summit Path as a “Nationwide Wealth Administration Boutique” launched by “6 Main Executives,” with workplaces in New York, Chicago, and San Francisco.

Summit Path instantly grew to become one of many largest unbiased wealth administration corporations in the US.

Right this moment, the agency manages $16B billionin consumer property, with workplaces added in Boston, Seattle, Harrisburg, and Washington DC. And whereas they’ve achieved some acquisitions, their progress has been pushed primarily by natural means.

On this episode with Louis Diamond, Jack discusses his journey, together with:

  • The wealth administration business because it was earlier than and after the 2008 collapse—and the way that occasion influenced his choice to go unbiased.
  • The shortcoming to offer custom-made recommendation and providers to UHNW purchasers—and the way that gave the impression to be extra of a “broader business drawback” and never only a “Barclays drawback.”
  • Pulling collectively six numerous groups throughout the nation—and the way Dynasty helped facilitate the method at a time when even simply going unbiased was far much less widespread.
  • Their unbelievable progress—and the way they completed it by primarily natural means.
  • Their distinctive enterprise mannequin—and what key attributes they “cherry-picked” from the dealer supplier world.
  • Their consumer coverage—and why they selected to focus solely on the ultra-high internet price phase.
  • The strategic worth of personal fairness—and why they’ve opted to not tackle outdoors capital presently.
  • And the notion of how giant corporations construct their infrastructures—and why these “grocery store platforms,” designed to handle tens of 1000’s of advisors and their purchasers, make it tough, if not unimaginable, to serve the distinctive wants of subtle ultra-high internet price purchasers.

It’s a dialog with a profitable advisor and enterprise proprietor who constructed an enterprise by “placing purchasers first”—offering teachable moments for advisors in any respect ranges.

Obtain a transcript of this episode…

Hearken to extra episodes of Mindy Diamond on Independence: A Podcast for Monetary Advisors Contemplating Change

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