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HomeWealth ManagementMindy Diamond on Independence: $1B Merrill Breakaway Workforce

Mindy Diamond on Independence: $1B Merrill Breakaway Workforce


In an ever-evolving panorama, there appears to be a continuously rising variety of trailblazers we meet alongside the way in which. On this episode, these trailblazers are breaking new floor by deciding on the nascent Goldman Sachs Advisor Options because the custodian for his or her new RIA agency.

This story begins with a crew in Beverly Hills that constructed an unbelievable enterprise at Merrill, managing a billion {dollars} in property.

After a decade of staying educated on adjustments within the business, they determined that it was time to disrupt momentum and take the most important leap of all: to launch their very own RIA agency.

And if making the leap to independence wasn’t large enough, they jumped farther by launching their agency into uncharted waters. That’s, as the primary of their dimension to decide on the Goldman custody platform.

It’s a narrative that exemplifies the ability of imaginative and prescient and the belief that the one-size-fits-all methodology of an enormous agency like Merrill has its limits—significantly for individuals who work with excessive web price shoppers.

Scott Shagrin, Ira Ravitz, and Lisa Westermark had their sights set on making a differentiated, high-end consumer expertise.

So within the fourth quarter of 2022, the crew launched RIA Beverly Hills Non-public Wealth, and only one 12 months later, Scott, Ira, and Lisa be a part of Mindy Diamond to debate their journey, together with:

  • Their motivations to depart Merrill after constructing a billion-dollar enterprise there—and why independence gained out over the prospect of signing on to Merrill’s retire-in-place program or taking a transition deal from one other giant agency.
  • Their due diligence course of—and what was distinctive about their expertise.
  • Their option to go along with Goldman Sachs Advisor Options—and what it was prefer to be “trailblazers” on the nascent platform.
  • Their attraction to the platform—and why they felt it was the suitable choice for his or her enterprise and shoppers vs. different seasoned choices.
  • The transition course of—and what key classes they realized.
  • And finally, what they’ll do as unbiased agency Beverly Hills Non-public Wealth that they may not as workers at Merrill.

The episode shares an entire image of the thought course of a crew goes via when contemplating change—together with weighing the choices of their agency’s retire-in-place program, a transition deal from one other giant agency, and independence. Plus, it provides candid views on life earlier than and after the transition.

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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