Everything You Need to Know About Independence: An Industry Update

A conversation with Jason Diamond

Overview

Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Guests appearing on this podcast are NOT compensated in any way for their appearances.

About this episode…

The notion of independence has driven more intrigue and movement in the wealth management world than any other concept or model. Because, as you’ve heard us say many times before, the desire for greater freedom and control amongst advisors continues to grow. And, as such, so have the options to satisfy their quest.

But while independence has become a more mainstream path for advisors considering change, we find that many advisors are still not completely aware of the options available in a continually evolving landscape. And even more so, many top advisors wonder if they can equally or better serve their clients without the support of a large firm and a big brand name behind them.

Yet, in conducting due diligence, these same folks often find out that there’s a wide array of options available for those who have a desire to become business owners.

Jason Diamond joins this episode to help get everyone up-to-speed on the independent space and to answer the many questions that many of our advisor-clients ask us during their exploration process, including:

• What are the different “types” of independence?

• How does the amount of support vary from model to model?

• What are the benefits of independence to clients?

• What are the pros and cons of each model—IBD vs. RIA vs. supported independence?

• How do the economics of independence compare to a recruiting deal?

• How does the type of independent model impact a potential sale down the road?

• Who are the potential buyers for an independent business?

• And why are advisors eschewing the short-term windfall of a recruiting deal and instead opting to bet it on themselves?

It’s a quick yet thorough education on the space that’s rocking the landscape—with value for those exploring independence and independent business owners alike.

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