Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions

A conversation with Louis Diamond Overview What is the relevance of two $10mm teams leaving Merrill within one week’s time? Mindy Diamond and Louis Diamond answer that question and share case studies on the moves citing the unique drivers, the significance to the industry at large, and more.   Listen in… > Download a transcript of this episode… 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. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.   About this episode… In two consecutive weeks of February this year, Diamond Consultants facilitated the moves of two extraordinary Merrill teams—superstars producing over $10mm each. Why is this so relevant that we opted to discuss it on the podcast? Because it’s rare for any team at that production level to make a move—let alone from the same firm AND within a week of each other.  As we’ve shared many times, and illustrated most recently in our Transition Report, advisor movement has changed over recent years—with plenty of factors driving that movement. But there are significant and often unique motivations that drive an individual advisor or team to consider change. Having served as guides through the due diligence and transition process for these teams, Mindy Diamond and Louis Diamond share a unique assessment of each of these moves, including: The main drivers for the moves—pulls vs pushes. Where they moved to—and why. Virtually all of the partners on both teams were lifers with Merrill—why this is significant. Both teams were in major growth mode—why they would disrupt momentum. Their due diligence processes—the extent in time and detail. And more. It’s an episode that presents two unique case studies, with points of view on big team movement from two people who are uniquely positioned to provide a behind-the-scenes perspective.   Related Resources Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management. Learn more… Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> Industry Update: The 10 Characteristics of the Most Successful Teams Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group. Listen->   Also available on your favorite podcast app and other media sites.