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With Susie Cranston, CEO, Cresset  |  Kelly Wagman, PhD, Director, Head of AI Strategy, Cresset Cresset CEO Susie Cranston and Head of AI Strategy Kelly Wagman explore the modern family office, AI as a scale enabler, human-led advice, equity, culture, and what Cresset is building next. In Summary What does the modern multi-family office really look like—and how might AI change what it can deliver? Cresset has grown from an idea less than a decade ago into a national wealth management and family office firm with more than $250B in assets under management and advisement and more than 700 professionals. Yet its next chapter isn’t simply about getting bigger. It’s about finding new ways to extend highly customized advice and family office capabilities while preserving the human relationships at the center of the model. CEO Susie Cranston and Kelly Wagman, PhD, Director and Head of AI Strategy, share how Cresset is approaching that challenge. Susie draws on lessons from helping build First Republic’s wealth management business – including the importance of a client-first culture, empowered advisors, and balance-sheet strength – while Kelly explains how Cresset is using AI, integrated data, and firm-specific tools to give advisors greater leverage. The result is a look at a modern family office where technology may expand what advisors can deliver rather than diminish their role—and where culture, ownership, talent, and human advice remain fundamental to the firm’s vision for growth. The Storyline The family office has traditionally been a difficult model to scale. Its value comes from knowing a family deeply and coordinating an increasingly complex set of needs that can stretch from investments and estate planning to family governance, tax strategy, bill pay, household management, and even security. Cresset has invested heavily in that infrastructure from its earliest days. Today, approximately 150 professionals are dedicated to family office services, supporting a broader organization with more than $250B in assets under management and advisement. For Susie, the model also reflects lessons learned during more than a decade at First Republic. She describes how a deeply client-centric culture and empowered client-facing professionals helped create extraordinary loyalty and growth. But the bank’s collapse also left her with an appreciation for the importance of a “fortress balance sheet” and a clearer understanding of the tradeoffs that can come when banking and wealth management coexist within the same organization. Topics Covered What defines a true multi-family office—and why dedicated infrastructure matters How Cresset grew to more than $250B in assets under management and advisement Lessons Susie carried from First Republic to Cresset Why client-first cultures depend on empowering client-facing professionals The importance of balance-sheet strength and business-model structure How Cresset approaches family office wealth strategy and wealth administration Why AI may make sophisticated family office capabilities more scalable How integrated data can improve speed, personalization, and advisor productivity Cresset’s approach to building AI tools versus working with outside vendors Why security, compliance, and data ownership matter in an AI strategy How Cresset thinks about culture, equity, and advisor alignment Equity versus cash when advisors evaluate potential partnerships Independence versus joining a scaled wealth management platform Why AI may increase rather than reduce the value of human advice Cresset’s vision for talent, leadership, and the next decade of the firm > Download a transcript of this episode… Listen and Learn Highlights for Advisors Cresset Today: $250B+, 700+ Professionals and a National Footprint (06:28) Susie describes Cresset today, including its wealth management, institutional consulting, and family office capabilities—and an ownership structure in which employees and clients own approximately 80% of the firm. Lessons From First Republic’s Client-First Culture (08:30) Susie explains why doing what is right for the client—even when it carries a short-term economic cost—can create long-term loyalty, referrals, and a stronger business. She also shares why empowering client-facing professionals was critical to First Republic’s culture. The Hard Lesson: A “Fortress Balance Sheet” (12:19) The collapse of First Republic changed how Susie thinks about financial strength, risk, and the tradeoffs involved when banking and wealth management are combined. Why Cresset—and Why the Independent RIA Model? (14:57) Susie explains what attracted her to Cresset: a client-centric culture, strong balance sheet, and an independent structure capable of serving the increasingly complex needs of ultra-high net worth families. What Does a Real Family Office Look Like? (20:31) With approximately 100 advisors and 150 professionals dedicated to family office services, Susie explains the infrastructure Cresset has built to extend well beyond traditional investment management. AI as a Family Office Scale Enabler (23:53) Susie explains how AI could help extend services such as bill pay and tax support to a broader range of clients and family members—using technology to scale expertise that historically has been difficult and expensive to deliver. The AI Opportunity Starts With Integrated Data (25:22) Kelly explains why Cresset views data as foundational to its AI strategy and how it could support faster answers, more personalization, and more advisor time devoted to clients. Beyond Investments: What Family Office Clients Actually Need (28:15) From estate and tax planning to family governance, household payroll, travel logistics, and security, Susie offers a practical look at the complexity behind comprehensive family office service. Culture, Alignment and the Case for Cresset (33:17) Susie explains why Cresset puts culture first when considering advisor teams or institutional partners—and why ownership and alignment are important parts of the firm’s proposition. Equity as a Currency for Advisor Wealth Creation (36:24) Susie discusses the potential advantages of equity, why Cresset does not require advisors to take it, and why the right answer depends on an advisor’s circumstances and objectives. Joining a Firm vs. Building Your Own (39:14) Susie offers a balanced perspective on independence, including the economics, infrastructure requirements, and a more personal question: How much does an advisor actually want to be their own boss? Cresset’s AI “Sweet Spot” (42:06) Kelly describes Cresset as large enough to invest meaningfully in AI but small enough to remain nimble, allowing it to build firm-specific tools and capabilities around its own data and workflows. Key Takeaways A real family office requires real infrastructure. The term “family office” has become increasingly common across wealth management, but Cresset defines it through dedicated capabilities and people. Its offering extends beyond investments into tax and estate planning, family governance and education, bill pay, household administration, payroll, logistics, and other complex family needs. AI could change the economics of high-touch family office service. Many family office capabilities are expensive and difficult to scale because they rely on specialized professionals. Cresset sees AI as a way to leverage that expertise more broadly, potentially bringing sophisticated services to more members of a family and a wider range of clients. The AI strategy is ultimately a data strategy. Kelly explains that Cresset’s approach goes beyond adopting general-purpose AI tools. Integrated firm data, custom capabilities, build-versus-buy decisions, compliance, security, and thoughtful implementation are central to creating meaningful value for advisors and clients. Human advice may become more valuable—not less. AI can accelerate information retrieval, automate routine work, and increase personalization. But Kelly argues that trust becomes even more important when technology can generate many different answers. The combination of a trusted person working with AI may prove more powerful than either alone. Culture and ownership remain central to Cresset’s growth model. Susie sees culture as a prerequisite for any advisor or firm joining Cresset. Equity can then create another form of alignment by allowing advisors to participate in the enterprise value they help create. Scale should create capability, not simply size. Cresset’s thesis is that its position between very large institutions and smaller independent firms can offer an advantage: sufficient resources to invest in talent, technology, data, and family office infrastructure while remaining nimble enough to put those capabilities to work. https://youtu.be/W9Q5gZ425fs Quotable Moments Susie: “If you always do the right thing for the client, and you’re always delivering the very best you can for the end client, good things happen.” “AI is going to be a tool that really enables that scale.” “Clients are saying they want more human advice, not less, in the world of AI.” “We always say we do culture first no matter what.” Kelly: “Cresset really is at that sweet spot of being big enough to be able to invest in the space, but small enough that we can still be nimble.” “People are better when they’re working with a person who is then working with AI.” FAQs What is a multi-family office? A multi-family office provides coordinated wealth management and other specialized services to multiple ultra-high net worth families. Susie explains that Cresset’s capabilities include investment management as well as estate and tax planning, family governance and education, bill pay, household administration, payroll, travel and logistics, and other services required

David Bahnsen, Founder & Managing Partner, The Bahnsen Group From $600mm to $10.5B, David Bahnsen built The Bahnsen Group almost entirely through organic growth. He shares the decisions behind that growth, the value of reinvesting in the business, and why selling to longtime partner Hightower became the right next step. In Summary David Bahnsen left Morgan Stanley in 2015 with eight people and $600mm in client assets, motivated less by dissatisfaction than by what he calls being “intoxicated by the idea of freedom.” Eleven years later, The Bahnsen Group has grown to $10.5B in assets, 106 employees, and 13 offices—with virtually all of that expansion driven organically.  But the more instructive story is how that growth happened. David explains how original content and thought leadership became a powerful source of new business, why attracting clients only matters if the firm can deliver an experience that keeps them, and how continual reinvestment in people, tax, planning, investment management, and family office services helped turn a founder-led practice into a national enterprise. He also shares the thinking behind his decision to sell The Bahnsen Group to Hightower after more than a decade of working within its ecosystem. The transaction gives the firm greater resources for technology, HR, supervision, and future inorganic growth while allowing David to maintain control over the brand, P&L, strategy, and client experience.  The Storyline When David Bahnsen first appeared on the Diamond Podcast in April 2020, The Bahnsen Group was five years removed from its Morgan Stanley breakaway and had grown from $600mm to roughly $2B. Today, the firm manages $10.5B across 13 offices with more than 100 employees. The numbers are notable, but David’s approach to building the business provides the real lessons. Rather than pursue acquisitions, The Bahnsen Group built an organic growth engine around content, thought leadership, and a distinct investment philosophy. David’s Dividend Cafe now reaches roughly 35,000 subscribers organically, but he is clear that attracting prospective clients was only half of the equation. The firm continually invested in the people, capabilities, and services necessary to deliver on what the content promised.  That philosophy extended to how David structured the business. He chose to keep functions that created what Louis describes as “surplus value” inside the firm while relying on Hightower for areas such as supervision, regulatory support, and technology. At the same time, David resisted the temptation to maximize current margins, instead investing in advisor capacity, planning, tax, investment management, family office capabilities, and infrastructure. The result was a business with significant organic growth and enterprise value. Now the story enters its transact phase. After years of operating within Hightower’s ecosystem, David agreed to sell The Bahnsen Group to Hightower. Yet the transaction is less an endpoint than another evolution of the model: Hightower becomes owner while David retains substantial operating autonomy and gains resources to professionalize the firm further and supplement its organic growth with carefully selected acquisitions. It’s the full Build, Grow & Transact arc—and an example of what can happen when independence is treated as the beginning of building a business rather than the destination.  Topics Covered How The Bahnsen Group grew from $600mm to $10.5B Building an organic growth engine through content and thought leadership Why attracting clients is only the beginning of sustainable growth Reinvesting profits to build long-term enterprise value Creating advisor capacity without sacrificing the client relationship Deciding what capabilities to own versus outsource Why maximizing margins can limit the business you ultimately build The evolution of David’s relationship with Hightower Why Hightower became the natural buyer of The Bahnsen Group Preserving autonomy and continuity after a transaction Balancing organic growth with future acquisitions Why independence can be a starting point rather than an end goal > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why freedom – not dissatisfaction – drove the breakaway. [04:44] David explains why he left Morgan Stanley despite being successful and well served there. The appeal was ownership: the ability to control how the business operated, how clients were served, and what the firm could ultimately become. How authentic content became an organic growth engine. [09:34] What began as written market updates during the 2008 financial crisis eventually evolved into Dividend Cafe, books, television, podcasts, and other thought leadership. David explains why the content works precisely because attracting clients was never its primary purpose. Why attracting clients isn’t enough. [15:59] A strong content engine can create interest, but the business still needs to deliver. David describes the continual investment in planners, tax capabilities, investment management, family office services, and client experience that allowed the firm to retain and serve the clients its content attracted. Knowing what creates “surplus value.” [22:03] David and Louis discuss the importance of identifying what a firm does exceptionally well and what is better handled by an outside partner. For The Bahnsen Group, that meant keeping investment management, business development, branding, and the client experience close while outsourcing functions such as supervision, regulatory support, and technology. Why maximizing income and building enterprise value are different objectives. [25:08–35:26] David explains why he has continually reinvested in the firm rather than optimizing margins, while Louis connects that philosophy to a recurring Build, Grow & Transact theme: owners willing to sacrifice some current income can create capacity, growth, and greater enterprise value over time. How the advisor role changes in a scalable enterprise. [29:15] With advisors limited to roughly 80 households, The Bahnsen Group surrounds them with planning, tax, estate, operations, marketing, content, and business development resources so they can concentrate on client relationships. David also explains why he believes the industry has more of an “opening business” problem than a closing problem. Why Hightower became the buyer. [37:09] David wasn’t looking to sell. He explains why maintaining control over the brand, P&L, hiring, strategy, and business was non-negotiable—and how Hightower structured a transaction that preserved that autonomy while adding resources the firm needs for its next phase. Why inorganic growth is now entering the picture. [44:01] At $10.5B, the law of large numbers changes what 30% growth requires. David explains why acquisitions will become a supplement to—not a replacement for—the firm’s organic growth engine, with cultural fit playing a critical role in the strategy. Why independence was always the beginning. [50:51] David never viewed breaking away as the achievement itself. Independence gave him the ability to build the business he envisioned, and he now sees the Hightower transaction as the beginning of another phase of that journey. Key Takeaways Organic growth is more than business development. The Bahnsen Group’s content creates awareness and opportunity, but its growth has been sustained by building the capabilities necessary to deliver an increasingly sophisticated client experience. Enterprise value often requires sacrificing current income. Hiring ahead of need, expanding services, creating capacity, and investing in infrastructure may compress margins today while building a stronger and more valuable business over time. Scale should support relationships, not replace them. David rejects the idea that client relationships themselves can be scaled indefinitely. Instead, the firm scales the resources surrounding its advisors so those advisors can remain focused on clients. Outsourcing can be a strategic advantage. The goal is not necessarily to own every capability. David’s approach is to retain the functions where the firm has passion, expertise, or differentiation and leverage outside scale for others. The right transaction can preserve what already works. David’s decision to sell was contingent on maintaining meaningful control over the brand, strategy, P&L, and operating model rather than changing the formula that created the firm’s growth. Organic and inorganic growth don’t have to be competing strategies. The next phase will combine The Bahnsen Group’s existing organic engine with selective acquisitions designed to add scale without creating a collection of disconnected businesses. Independence is a means, not necessarily an end. The larger lesson from David’s story is that independence created the freedom to build. What mattered afterward was how that freedom was used. https://youtu.be/_s8MFJtrbS0 Quotable Moments “I was very intoxicated by the idea of freedom.” — David Bahnsen [04:44] “Relationships don’t scale.” — David Bahnsen [29:15] “Twenty cents of something big is a lot more than 40% of something small.” — David Bahnsen [33:31] “I did not want to go to independence as an ending point. It was a beginning.” — David Bahnsen [50:51] FAQs How did The Bahnsen Group grow from $600mm to $10.5B? The firm’s growth was overwhelmingly organic. David attributes much of the business development engine to original content and thought leadership, supported by continual investment in advisors, planning, tax, investment management, family office capabilities, and the broader client experience. How did content creation contribute to The Bahnsen Group’s growth? David began writing regular market commentary during the

Michael Kim — CEO & President, AssetMark AssetMark CEO Michael Kim explains why advisor growth increasingly depends on creating capacity—and using outsourcing, technology, and AI to spend more time where advisors add the greatest value. In Summary Growth is a priority for nearly every advisory firm. But as client expectations expand and the business of wealth management becomes more complex, growth increasingly depends on an advisor’s ability to create capacity. Jason Diamond speaks with Michael Kim, CEO and President of AssetMark, about why the strongest firms are intentional about where advisors spend their time—and equally intentional about what they delegate, outsource, or automate. Drawing on AssetMark’s work with more than 12,000 independent financial advisors, Michael shares his perspective on organic growth, outsourcing investment management, AI, client experience, scale, and the evolving role of the advisor. His central message is straightforward: Advisors can do almost anything, but they can’t do everything. Sustainable growth requires deciding where they create the greatest value and building the business around it.  The Storyline Michael Kim calls himself a “growth guy.” But his definition of growth goes well beyond adding assets, buying another practice, or simply getting bigger. After working with thousands of independent advisors throughout his career at Fidelity and AssetMark, Michael sees organic growth as one of the clearest measures of the health and durability of an advisory business. And the firms that consistently achieve it tend to have something in common: They treat growth as an intentional business priority rather than something they hope will happen. That creates a more fundamental question: Where should advisors actually spend their time? Michael argues that clients increasingly value the advisor—not simply the portfolio. They want guidance around taxes, wealth transfer, estate planning, business decisions, and the broader issues surrounding their wealth. Yet delivering that level of advice requires capacity. AssetMark’s Annual Impact of Outsourcing Survey, he says, finds that advisors who outsource gain more than nine hours per week—essentially another working day.  AI potentially adds another layer of leverage. Michael sees its opportunity in two areas: productivity and experience. AssetMark’s developing Talk Tracks capability, for example, uses AI to prepare potential talking points and planning opportunities before client meetings. But Michael also cautions against allowing technology to depersonalize the relationship. As clients themselves become more informed through AI, the advisor’s ability to deliver deeply personal, trusted guidance may become even more important.  That brings the discussion back to growth. Advisors are increasingly both trusted counselors and business owners. Building a scalable enterprise means making deliberate decisions about technology, outsourcing, talent, client experience, and where their own time produces the greatest return. Topics Covered Organic growth in wealth management Advisor capacity and productivity Outsourcing investment management AI in wealth management AssetMark Talk Tracks Advisor client experience The advisor as “wealth counselor” Scaling an advisory firm Fee compression and operating leverage RIA growth and independence M&A and access to capital > Download a transcript of this episode… Listen and Learn Highlights for Advisors What separates advisory firms that consistently grow from those that plateau? (12:36) Michael says the most successful growth-oriented firms are intentional about growth. They develop a plan, experiment with new approaches, and—most importantly—execute consistently. Why does Michael consider organic growth such an important measure of an advisory business? (15:27) Organic growth is not simply about adding clients. Michael describes it as a predictor of the health and durability of the business—something that also matters to potential investors and buyers. Should investment management still be a core part of an advisor’s value proposition? (18:42) Michael argues that clients increasingly want something broader: a trusted “wealth counselor” who can help them navigate taxes, wealth transfer, estate planning, and other complex financial decisions. How much capacity can outsourcing actually create for advisors? (23:05) According to AssetMark’s Annual Impact of Outsourcing Survey, advisors who outsource report gaining more than nine hours per week. Michael argues that time can be redirected toward clients and higher-impact business activities. Where does Michael see the greatest opportunity for AI in wealth management? (25:34) He identifies two areas: productivity and experience. AssetMark is embedding AI into advisor workflows, including its Talk Tracks capability designed to surface insights and potential planning conversations before client meetings. Could AI make the advisor-client relationship less personal? (30:12) Michael acknowledges the risk but sees a larger opportunity. As clients arrive better informed through AI, advisors can differentiate through more personal, emotionally connected guidance around the issues that matter most. How should advisors think about scale as fee pressure continues? (41:12) For Michael, scale does not simply mean cutting costs. It means using technology, people, outsourcing, and other resources to deliver a better client experience more efficiently. Where would Michael invest first if he were running an independent RIA? (43:11) Existing clients come first. Before M&A or other growth investments, he would invest in making the client experience stronger and the firm easier to do business with. Key Takeaways Growth requires intention. The firms Michael sees growing most successfully do not treat growth as a side project; they plan for it, invest in it, and consistently execute against it. Organic growth is a measure of business health. Beyond adding assets, it can signal the durability and potential enterprise value of an advisory firm. Capacity has become a strategic advantage. Advisors need to determine which activities require their direct involvement and which can be delegated, outsourced, or automated. The advisor’s value proposition is expanding. Portfolio management increasingly sits alongside tax planning, wealth transfer, estate planning, and other advice that clients expect from a trusted “wealth counselor.” AI should create better conversations, not simply greater efficiency. Michael sees the bigger opportunity in using AI to improve both productivity and the client experience. Scale is not synonymous with cost-cutting. Strategic investments in technology, talent, and outside expertise can allow firms to serve clients better while managing economic pressure. Client experience remains the foundation. Even when presented with opportunities to pursue M&A or other investments, Michael would prioritize strengthening relationships with existing clients first.  https://youtu.be/vqlWGWAD08o Quotable Moments “Growth isn’t something that the advisors do as a hobby. It is arguably the number one priority.” — Michael Kim, 13:18 “Organic growth is the number one predictor of the health of the business.” — Michael Kim, 15:27 “The most important thing that the clients want from that advisor is the advisor, not the portfolio or which ETF that they selected.” — Michael Kim, 19:23 “The advisors can do anything, but they can’t do everything.” — Michael Kim, 23:05 FAQs Why is capacity so important for financial advisor growth? Advisors face expanding client expectations while still having a finite amount of time. Michael Kim argues that creating capacity through outsourcing, technology, AI, and delegation allows advisors to spend more time on client relationships and the activities that have the greatest impact on growth. What does Michael Kim believe drives organic growth for advisory firms? He emphasizes intentionality, planning, creativity, and consistent execution. Rather than treating growth as something that happens naturally through referrals, successful firms make it an ongoing business priority. How can outsourcing investment management help financial advisors? Outsourcing can shift research, portfolio management, trading, reporting, technology, and other functions to providers with greater scale. Michael says AssetMark’s Annual Impact of Outsourcing Survey found that advisors who outsource gain more than nine hours per week. How is AssetMark using AI for financial advisors? AssetMark is embedding AI into advisor workflows with the goal of improving productivity and client experience. Michael discusses Talk Tracks, a capability designed to surface relevant client insights and potential planning conversations before meetings. Will AI replace financial advisors? Michael does not believe it will. Instead, he expects clients to use AI themselves and arrive at advisor meetings better informed. That could make an advisor’s ability to provide trusted, personal, emotionally connected guidance even more valuable. How can advisory firms scale without sacrificing client experience? Michael describes scale as more than lowering costs. Firms can invest in technology, specialized personnel, outsourcing, and other resources that allow them to operate more efficiently while improving the quality and breadth of the client experience.  Advisors face expanding client expectations while still having a finite amount of time. Michael Kim argues that creating capacity through outsourcing, technology, AI, and delegation allows advisors to spend more time on client relationships and the activities that have the greatest

With Louis Diamond and Mindy Diamond Louis and Mindy Diamond explore why successful financial advisors can feel stuck despite thriving businesses—and how agency, enterprise value, risk, legacy, and a clear true north can help them evaluate what comes next. In Summary Successful advisors by definition have thriving businesses, loyal clients, and enviable careers—yet still wonder whether comfort has replaced energy. Louis and Mindy Diamond examine why success itself can make change harder, how the desire for agency competes with the disruption of a transition, and why record practice valuations, longer careers, and expanded optionality are prompting more advisors to question the status quo. They also offer practical questions to help advisors clarify their true north, risk tolerance, time horizon, and legacy before deciding whether to stay or explore something new. The Storyline By every external measure, top advisors today are doing exceptionally well. They have strong production, loyal clients, growing teams, and successful businesses. Yet some privately wonder why the work no longer feels as satisfying as they expected. Louis and Mindy explain that the tension is not a sign of failure. For many advisors, it appears after they have succeeded and can see another 15 or 20 years of more of the same ahead. The question becomes whether their business still gives them the agency, control, and professional energy they want. That distinction between comfort and energy can be difficult to recognize. An advisor may enjoy an excellent quality of life and a business that runs smoothly while still feeling comfortably uncomfortable. The catalyst is often not a breaking point, but a renewed desire to build, grow, create enterprise value, or leave a different legacy. Success also creates powerful reasons to stay. A healthy pipeline, loyal clients, unvested compensation, retire-in-place programs, and the short-term disruption of a transition can make change difficult to justify. At the same time, record valuations, longer careers, multigenerational teams, and a broader range of firm and affiliation models have made the opportunity cost of staying more visible. The discussion does not assume that every advisor should move. Instead, Louis and Mindy focus on how to make an intentional decision: define your true north, identify what you are trying to solve for, assess your tolerance for risk and disruption, and learn what is possible before committing to a change. Topics Covered Why successful advisors can feel stuck Agency, control, and professional satisfaction Comfort versus energy in a thriving business Defining an advisor’s true north When more of the same becomes a constraint Fear of change versus fear of standing still Recruiting deals, practice valuations, and enterprise value Longer careers and multigenerational teams Risk tolerance, disruption, and client portability Creating clarity without committing to a move > Download a transcript of this episode… Listen and Learn Highlights for Advisors What feels different for successful advisors today? (02:09) Mindy explains why top advisors are increasingly willing to examine the status quo as their choices expand and the value of their businesses rises. Why can objectively successful advisors still feel unsettled? (04:51) Mindy identifies agency as a central need for top advisors and explains why a loss of control can create deep frustration even when the business is performing well. What does a fire in the belly reveal? (08:22) Mindy shares the example of a highly successful wirehouse team whose interest in change comes from a desire for renewed energy and legacy, not from a final breaking point. How is being comfortable different from being energized? (11:53) Louis and Mindy explore the difference between a business that provides an excellent life and one that still feels professionally satisfying, including the feeling of being comfortably uncomfortable. When does more of the same become a constraint? (17:49) They discuss how repeating a successful formula can continue to produce results while limiting growth, ownership, or the entrepreneurial spark an advisor wants to pursue. How do advisors reconcile fear of change with fear of standing still? (27:16) Mindy and Louis explain why those competing concerns can persist for years and how a firm decision, a compelling opportunity, or a moment of personal clarity can shift the balance. Why is this question surfacing more often now? (29:48) Record valuations, elevated recruiting deals, expanded optionality, peer movement, longer careers, and next-generation needs are changing how advisors assess the cost of staying. Which questions should advisors ask before considering a move? (36:35) Mindy and Louis outline questions about true north, frustration, risk appetite, disruption, legacy, time horizon, and the regret of never testing what might be possible. Key Takeaways Success and professional fulfillment are not the same thing. An advisor can have strong growth, loyal clients, and an excellent quality of life while still feeling that comfort has replaced energy. Agency is a core need for many top advisors. Firm policies, compensation changes, technology limits, or other decisions can feel especially disruptive when they reduce control over the business or client experience. Good enough can become a constraint. A proven business model may continue to work financially while limiting growth, ownership, enterprise value, or the professional satisfaction an advisor wants next. Success creates powerful inertia. A strong pipeline, unvested compensation, retire-in-place programs, client relationships, and the disruption of a transition can all make the status quo difficult to challenge. The opportunity cost of staying has become more visible. Record valuations, elevated recruiting deals, broader affiliation choices, longer careers, and peer movement give advisors more reasons to understand what else may be possible. True north should come before due diligence. Advisors need to define what they want to solve for and how they weigh control, risk, enterprise value, legacy, and time horizon before evaluating firms or models. Education does not require a move. Self-awareness and a clear view of the available options can help an advisor make an intentional decision, including the decision to stay. https://youtu.be/nrmtRBlJJVs Quotable Moments “I’m comfortably uncomfortable.” — Mindy Diamond “You’ve always got to be really clear on what your true north is.” — Mindy Diamond “Which regret is bigger to you, trying something and failing or never testing what’s possible?” — Louis Diamond “It’s okay to want more. There’s nothing wrong with you for wanting more. At the same time, there’s nothing wrong about being comfortable.” — Louis Diamond FAQs Why do successful financial advisors feel stuck even when their businesses are thriving? External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. What does agency mean for a financial advisor? Agency is control over an advisor’s professional life and business. It can include how the advisor serves clients, uses technology, builds a team, makes decisions, and plans for growth or succession. Is being comfortable in a business the same as being energized by it? Not always. Comfort can reflect a strong business, good income, loyal clients, and a healthy quality of life. Energy comes from feeling engaged by what the advisor is building and where the business is headed. Why can success make it harder for an advisor to change firms? Successful advisors often have more to disrupt, including client relationships, team dynamics, a growing pipeline, unvested compensation, and valuable retire-in-place benefits. The immediate costs and risks of a transition can outweigh a benefit that may be larger over the long term. Why are more successful advisors questioning the status quo now? Practice valuations and recruiting deals are high, the range of affiliation models has expanded, and advisors see respected peers make changes. Longer careers and the needs of next-generation partners also give many teams more time and reason to reconsider their future. What is an advisor’s true north? True north is the set of priorities that should guide an advisor’s decision. It defines what the advisor wants to build, what needs to change, and how factors such as control, ownership, legacy, risk, and time horizon should be weighted. What should an advisor ask before considering a move? Key questions include what is causing frustration, how significant it is, what outcome the advisor wants, how much disruption and client risk the team can tolerate, and whether staying in the same place for another 10 or 15 years would still feel satisfying. How can an advisor create clarity without committing to change? Start with self-awareness, then learn what options exist through informed conversations and competitive analysis. Understanding the landscape can strengthen a decision to stay or reveal a better fit without obligating the advisor to move. External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. Agency is control over an advisor’s professional life and business. It can include how the advisor serves clients, uses technology, builds a te

Andy Schwartz CEO, OnePoint BFG Wealth Partners  |  Kevin Spahn Founder, Spahn Financial (now OnePoint BFG) Two former Northwestern Mutual advisors, two very different paths. Andy Schwartz and Kevin Spahn share what it takes to build, grow, merge, and create lasting enterprise value. In Summary What separates a successful advisory practice from an enterprise with the ability to grow well beyond its founders? Andy Schwartz and Kevin Spahn offer two different perspectives on that question. Both spent decades at Northwestern Mutual, but their paths eventually diverged. Andy left to help build what is now OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by year-end. Kevin built one of Northwestern Mutual’s top practices before deciding to merge his business into OnePoint and become an equity partner. Louis talks with Andy and Kevin about the decisions behind both journeys: creating a true firm rather than an aggregation of practices, transitioning advisors from 1099 to W-2, using outside capital without relinquishing control, rethinking succession, and determining when equity in a larger enterprise can offer greater opportunity than continuing to build alone. Underlying it all is a factor that’s much harder to quantify: trust. The Storyline Andy Schwartz and Kevin Spahn have known each other for roughly 30 years. They met while both were building careers at Northwestern Mutual, where Andy became an important mentor to Kevin as Kevin transitioned from practicing law and estate planning into wealth management. After roughly 30 years at Northwestern Mutual, Andy and his partners left in 2015 with approximately $3B in assets to launch independently. What began as Bleakley Financial eventually became OnePoint BFG Wealth Partners, an $18B+ enterprise that Andy expects will surpass $20B by the end of 2026. That kind of growth required more than attracting assets. Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2. The shift created a more cohesive enterprise, gave advisors access to equity, and ultimately positioned OnePoint to bring in minority capital from Joe Duran’s Rise Growth Partners. Andy makes an important distinction about that relationship: OnePoint is “private equity invested,” not “private equity owned.” The structure gave the firm capital and expertise while allowing its partners to retain control. Kevin faced a different decision. After more than 30 years at Northwestern Mutual, his practice had grown to 18 people and approximately $2B in assets. He was happy at the firm, but his clients had evolved, his business had become increasingly complex, and the internal succession plan he once envisioned carried risks he could no longer ignore. He could have built an independent firm himself. Instead, he chose to merge with OnePoint. The decision wasn’t driven by the largest possible check. Kevin saw the opportunity to become an equity partner in a larger enterprise, give his team and clients a more durable future, and leverage infrastructure he didn’t want to recreate himself. For both men, the story ultimately comes back to the same principle: The right economics matter, but sustainable partnerships require trust, shared philosophy, and the belief that everyone involved can create more value together than separately. Topics Covered Building an enterprise versus building a practice Northwestern Mutual and the path to independence OnePoint BFG Wealth Partners’ growth from ~$3B to $18B+ Organic growth versus M&A Creating a growth-oriented advisor culture Moving from a 1099 model to a predominantly W-2 structure Equity ownership and advisor alignment Minority private equity investment Rise Growth Partners and Joe Duran Internal succession versus an external merger Selling versus merging an advisory business Merging versus teaming versus going it alone Evaluating equity versus cash in a transaction The economics of leaving a captive firm Centralization versus advisor autonomy Trust as a factor in partnerships and transactions > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did Andy and Kevin’s 30-year relationship ultimately lead to a transaction? (04:11) Kevin explains how Andy helped him transition from attorney and estate planner into wealth management, beginning a professional relationship that would eventually make their partnership possible decades later. Why did Andy leave Northwestern Mutual after roughly 30 years? (08:45) Andy describes wanting greater flexibility, a multi-custodial platform, and more optionality for clients and the business—a decision that ultimately led to the creation of OnePoint BFG. Why did Kevin decide his longtime Northwestern Mutual practice needed something different? (15:49) Kevin explains how his clients, service needs, and business evolved over time, while concerns about his original internal succession plan led him to consider a different path. What has driven OnePoint’s growth from approximately $3B to $18B+? (21:41) Andy outlines the firm’s emphasis on client experience, advisor experience, organic growth, and carefully selected inorganic growth—and why helping advisors grow is fundamental to the model. Why does Andy say OnePoint is a firm rather than an aggregator? (23:54) The distinction comes down to alignment, shared responsibility, centralized resources, equity, and a partnership structure in which advisors are accountable to one another. How did OnePoint convert a predominantly 1099 advisor base into a W-2 enterprise? (29:26) Andy explains why capital and equity became necessary to build the next stage of the business and why trust was essential to bringing advisors into a more integrated structure. Why did OnePoint choose minority private equity investment? (33:13) Andy shares why Rise Growth Partners offered something previous potential buyers had not: a structure designed to benefit the broader advisor partnership while preserving control. Why did Kevin merge with OnePoint rather than shop his practice broadly? (36:43) For Kevin, maximizing price wasn’t the objective. His decision centered on trust in Andy, confidence in OnePoint’s infrastructure, and creating a strong future for clients and employees. Why did Kevin choose equity in the larger firm instead of simply cashing out? (40:57) Kevin explains why he believes participating in the future growth of a larger enterprise offers a compelling alternative to relying solely on the future growth of his own practice. How should advisors evaluate the “golden handcuffs” that can make leaving difficult? (46:42) Andy argues that the analysis needs to compare what an advisor gives up with the potential growth, economics, equity, and leverage available on the other side. How much conformity does a true enterprise require? (49:06) Andy explains why OnePoint sits somewhere between complete advisor autonomy and complete centralization, seeking enough consistency to create enterprise value without eliminating entrepreneurial flexibility. What would Andy and Kevin tell their younger selves? (52:06) Kevin emphasizes surrounding yourself with the best people possible, while Andy reflects on having the courage to make a difficult change after a successful 30-year run. Key Takeaways Building enterprise value requires more than asset growth. OnePoint’s evolution included changing its ownership structure, integrating advisor practices, creating equity opportunities, and investing in centralized capabilities. Organic growth remains central even in an M&A-driven market. OnePoint targets approximately 10% organic growth and evaluates prospective partners partly on whether they are growth-oriented and whether the firm can meaningfully help them grow. A collection of successful advisors does not automatically make a firm. Andy sees shared ownership, alignment, accountability, infrastructure, and centralized services as critical distinctions between an enterprise and an aggregator. Outside capital does not have to mean giving up control. OnePoint chose a minority investment from Rise Growth Partners that provided capital and strategic support while leaving control with its operating partners. Succession can expose risks that growth may obscure. Kevin began reconsidering his internal succession strategy when he recognized its dependence on his continued production, key employees, and the future economics of an aging client base. The highest purchase price isn’t always the most valuable transaction. Kevin prioritized equity participation, infrastructure, continuity for his employees and clients, and confidence in his future partners over broadly shopping his business for the highest bid. Trust can determine whether structural change is possible. From OnePoint’s 1099-to-W-2 conversion to Kevin’s decision to merge, both guests repeatedly point to established trust as the foundation that allowed significant business decisions to happen. https://youtu.be/jkIoynpZj6Y Quotable Moments “The biggest mistake advisors make is they buy their own b******t.” — Andy Schwartz “We’re not an aggregator, we’re a firm.” — Andy Schwartz “The biggest issue is trust. Either they trust you or they don’t.” — Andy Schwartz “I wasn’t looking to sell my business. I was looking to merge it.” — Kevin Spahn “You have to trust them. You have to see that they provide value. And you need to be on the same page philosophically.” — Kevin Spahn “Associate yourselves with the best people you can… It accelerates your trajectory in ways that you can’t do on your own.” — Kevin Spahn FAQs Why did Andy Schwartz leave Northwestern Mutual? After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, a

With Louis Diamond Vanguard’s acquisition of Altruist could reshape RIA custody, bringing together Altruist’s technology with the scale, capital, and reputation of one of the industry’s best-known brands. In Summary Vanguard’s acquisition of Altruist brings one of the financial industry’s most established brands together with one of RIA custody’s fastest-growing challengers. In this Rapid Reaction Industry Update, Louis Diamond looks beyond the reported $4B+ purchase price to consider what the combination could mean for advisors—what he sees as the good news, the potentially negative outcomes, and everything in between. Altruist gains the capital, scale, and brand recognition that could help it compete more aggressively for larger RIAs and breakaway teams. Vanguard gains a technology-forward custody platform and greater access to the independent advisor channel. The larger implication may be increased competition across RIA custody. With Schwab and Fidelity controlling much of the market, a Vanguard-backed Altruist could create new pressure around technology, pricing, service, referrals, and innovation—while raising new questions about how Vanguard balances its growing advice business with its role as custodian. The Storyline RIA custody has long been dominated by Schwab and Fidelity, particularly since Schwab’s acquisition of TD Ameritrade. Altruist emerged as one of the few credible challengers, building its position around modern technology, lower costs, and an advisor-focused platform.   But technology was only part of the equation. For larger breakaway teams in particular, Altruist faced another hurdle: brand recognition. Advisors could be impressed by the platform while still wondering how clients accustomed to names like Merrill, UBS, Morgan Stanley, Schwab, or Fidelity would respond to an unfamiliar custodian.   Vanguard changes that equation.   Louis examines why the acquisition makes strategic sense for both companies, from Vanguard’s push to expand access to financial advice to Altruist’s opportunity to operate with the backing of a well-capitalized, long-term owner.   For advisors, however, the bigger story is what happens next. A stronger competitor in custody could affect everything from technology and pricing to referral opportunities and the choices available to breakaway advisors.   There are also important questions still unanswered. Vanguard operates its own advice businesses. Altruist’s speed and fintech culture may be tested inside a much larger organization. And while Vanguard says Altruist will remain independent, the longer-term operating model remains to be seen.   The deal may not change advisors’ options immediately. But it has the potential to change the competitive dynamics surrounding those options considerably.   Topics Covered Vanguard’s acquisition of Altruist RIA custody competition Schwab and Fidelity Altruist’s technology and Hazel AI Vanguard’s financial advice strategy Custodian brand recognition for breakaway advisors Advisor referral networks Custody and technology pricing Direct advice and custodian conflicts The future of RIA platforms and Supportive Independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why is the Vanguard-Altruist acquisition significant for RIA custody? (03:53) Louis explains why custody has remained highly concentrated around Schwab and Fidelity and how combining Vanguard’s scale and reputation with Altruist’s technology could create a much stronger third competitor.   What problem does Vanguard potentially solve for Altruist? (05:01) Altruist has built a strong reputation among advisors for its technology, but larger breakaway teams have sometimes questioned whether clients would recognize or trust the brand. Vanguard could significantly reduce that concern.   Why does buying Altruist make sense for Vanguard? (07:00) Vanguard has more than 50 million investors and has publicly discussed the need to expand access to financial advice. Louis considers how Altruist could give Vanguard both additional capacity and a stronger connection to independent advisors.   What does Altruist gain from Vanguard beyond capital? (09:51) Louis discusses the significance of having a long-term, investor-owned parent rather than remaining dependent on successive rounds of venture capital, while gaining additional resources to develop custody, technology, and Hazel AI.   How could this acquisition change the choices available to breakaway advisors? (12:33) The combination of Altruist’s technology with Vanguard’s brand could make the platform more viable for larger teams that previously hesitated because of client recognition and trust concerns.   Could Vanguard become a meaningful source of client referrals to RIAs? (13:42) With millions of existing investors and more demand for advice than Vanguard can necessarily serve internally, Louis considers whether a future referral program connecting Vanguard clients with Altruist RIAs could become an important competitive advantage.   What are the potential risks of the Vanguard-Altruist combination? (16:54) The acquisition also raises questions around Vanguard’s competing advice business, Altruist’s long-term independence, differences in corporate culture, innovation speed, and talent retention.   What could happen next across the custody market? (20:00) Louis offers several predictions, including responses from Schwab and Fidelity, wider adoption of Hazel AI, a potential Vanguard-Altruist referral channel, and greater use of Altruist by breakaway advisors.   Key Takeaways Vanguard’s acquisition of Altruist could introduce a more formidable competitor into an RIA custody market heavily concentrated around Schwab and Fidelity. Vanguard addresses one of Altruist’s biggest challenges with larger breakaway teams: providing a widely recognized financial brand that advisors can more easily explain to clients. Altruist gives Vanguard a technology-forward entry point into RIA custody as Vanguard continues expanding its strategy around access to financial advice. Advisors could benefit from greater competition through pressure on custody and technology pricing, service, product development, and innovation. A future referral channel could become an important part of the combination, particularly given Vanguard’s enormous investor base and Altruist’s growing network of RIAs. The acquisition also introduces potential conflicts and execution risks, including Vanguard’s own advice businesses, the integration of two very different corporate cultures, and questions about whether Altruist can maintain its speed and independence over time. For breakaway advisors, the custody shortlist may have changed: Altruist can now pair its technology and fintech capabilities with the capital and reputation of Vanguard. https://youtu.be/UlgCBjLXrnw Quotable Moments “Custody is really a trust business.” — Louis Diamond (05:55) “Every time a well-capitalized player shows up, especially in custody, advisors win.” — Louis Diamond (12:33) “Really, it’s tech-forward independence now without a brand trade-off.” — Louis Diamond (13:42) “There are always innovators showing up from outside the establishment, and every time one succeeds, advisors end up with more options and more leverage and more negotiating power than they had the year before.” — Louis Diamond (22:44) FAQs Why is Vanguard acquiring Altruist? Louis sees several strategic reasons for the acquisition. Altruist gives Vanguard an established technology and custody platform serving more than 6,000 advisors, while potentially expanding Vanguard’s ability to reach investors through independent financial advisors. It may also provide another distribution channel for Vanguard investment products and future offerings. What does Vanguard’s acquisition mean for Altruist? Altruist gains the backing of one of the world’s largest and best-known investment firms while retaining, at least initially, its brand, leadership, and operating structure. Vanguard’s capital could allow Altruist to continue investing in custody capabilities, technology, and products such as Hazel AI without relying on additional venture funding rounds. How could the acquisition affect RIA custody competition? Schwab and Fidelity currently dominate RIA custody. Louis believes a Vanguard-backed Altruist could become a stronger challenger by combining Altruist’s technology and pricing model with Vanguard’s scale, capital, and reputation. That could increase competitive pressure around pricing, service, technology, and innovation. Why could the deal matter to breakaway advisors? Altruist’s technology has attracted advisor interest, but some larger breakaway teams have questioned whether clients would be comfortable holding substantial wealth with a less familiar custodian. Vanguard’s ownership could substantially reduce that brand-recognition hurdle and make Altruist a more viable option for larger teams. Could Vanguard refer clients to advisors using Altruist? No referral program has been announced. However, Louis believes it is an important possibility to watch. Vanguard has more than 50 million investors, while Altruist provides access to thousands of independent advisors. Connecting investors seeking human advice with RIAs on the Altruist platform could create a meaningful new referral channel. Are there risks for advisors using a Vanguard-owned custodian? Potentially. Vanguard operates its own financial advice businesses, creating some of the same competitive concerns advisors have raised about other custodians with retail advice operations. Other questions include whether Altrui

Shannon Spotswood – CEO, RFG Advisory Choosing a platform isn’t just about technology or economics. It’s about finding a partner that helps you build the business you actually want to own. Shannon Spotswood explains why growth without compromise starts with choosing the right partner. In Summary What should advisors really look for in a platform partner? Jason Diamond sits down with Shannon Spotswood, CEO of RFG Advisory, to discuss why the best platforms do more than provide technology and operational support—they help advisors build stronger businesses. Shannon shares lessons from helping grow RFG into one of the industry’s leading supportive independence firms, covering everything from private equity partnerships and advisor experience to enterprise value, branding, and overcoming the fear that keeps many advisors from pursuing the business they truly want. The Storyline Most advisors evaluating independence compare technology, payouts, and service offerings. Shannon Spotswood believes they’re asking the wrong first question. After spending two decades in institutional investing and later helping to rebuild RFG Advisory from the ground up, Shannon has developed a philosophy centered on partnership. She argues that the best platforms function less like vendors and more like long-term business partners, helping advisors spend more time with clients, build enterprise value, and create businesses aligned with their vision rather than forcing compromises. Jason and Shannon discuss what meaningful support actually looks like, why the right private equity partner can accelerate growth rather than restrict it, and why advisors should demand evidence – not marketing promises – when evaluating a platform. The conversation also explores one of the industry’s biggest obstacles to change: fear. Shannon explains why outdated assumptions about transitioning firms continue to prevent advisors from building businesses they enjoy, even though data suggests the experience is often far less disruptive than many believe. Ultimately, the discussion reframes independence itself—not as the destination, but as the beginning of choosing the right long-term partners. Topics Covered Evaluating advisor platforms as long-term business partners Building an independent business without compromise Enterprise value and organic growth Private equity as a strategic growth partner Advisor experience and client experience Branding and authenticity in wealth management Overcoming fear and transition myths Technology, outsourcing, and operational leverage Leadership, succession, and organizational growth The future of supportive independence   > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why should advisors think of a platform as a business partner? (10:00) Shannon explains why technology and service alone aren’t enough—and why the right partner should help advisors build the business they ultimately want to own. What does “growth without compromise” actually mean? (10:00–17:30) RFG’s philosophy centers on helping advisors focus on their highest-value work while surrounding them with integrated support designed to drive enterprise value. Can private equity make a firm better? (25:00) Rather than debating whether private equity is good or bad, Shannon explains why success depends on choosing a partner whose values and long-term vision align with yours. How should advisors evaluate competing platforms? (43:00) Her advice is simple: don’t rely on marketing. Speak with advisors already using the platform and ask firms to demonstrate – not simply promise – how they solve problems. Why does fear keep so many advisors from making a change? (48:30) Shannon discusses the “PTSD” many advisors carry from outdated transition stories and why today’s reality often looks very different. What does the future of advisor platforms look like? (34:00–42:00) The conversation explores advisor demand for greater personalization, stronger brands, AI-enabled efficiency, and partners that help advisors grow without sacrificing independence. Key Takeaways The best advisor platforms function as long-term strategic partners—not simply service providers. Enterprise value grows when advisors spend more time serving clients and less time managing operations. Private equity can be highly beneficial when partners share a common vision and respect management autonomy. Advisors should evaluate firms based on demonstrated execution rather than marketing claims. Fear remains one of the biggest barriers to advisor movement despite significant improvements in transition support. Authentic branding and deeper client relationships will become increasingly important as AI reshapes wealth management. https://youtu.be/jaSt3-mO0so Quotable Moments “The right partners make you better. The wrong ones can quietly hold you back.” “Don’t tell me. Show me.” “Everything you want is on the other side of fear.” “Your team deserves to be happy. You deserve to be happy.”   FAQs What should advisors look for when evaluating an advisor platform? Shannon believes advisors should look beyond technology and economics and evaluate whether a platform acts like a true long-term business partner that helps them grow and build enterprise value. How does RFG define “growth without compromise”? By providing integrated support – from technology and compliance to marketing and coaching – that allows advisors to spend more time with clients while maintaining control of their businesses. Is private equity always good or bad for advisor firms? No. Shannon argues that success depends less on private equity itself and more on choosing partners who share the firm’s long-term vision and values. Why do advisors hesitate to make a move? Fear and outdated perceptions about transitions still influence decision-making, even though today’s transition experience is often much smoother than advisors expect. How should advisors compare competing platforms? Talk directly with affiliated advisors, ask for measurable evidence of results, and focus on how a platform responds to advisor feedback rather than marketing claims. How is AI changing advisor businesses? AI should enhance – not replace – the advisor relationship by creating operational efficiencies that allow advisors to spend more time delivering personalized advice. Shannon believes advisors should look beyond technology and economics and evaluate whether a platform acts like a true long-term business partner that helps them grow and build enterprise value. By providing integrated support – from technology and compliance to marketing and coaching – that allows advisors to spend more time with clients while maintaining control of their businesses. No. Shannon argues that success depends less on private equity itself and more on choosing partners who share the firm’s long-term vision and values. Fear and outdated perceptions about transitions still influence decision-making, even though today’s transition experience is often much smoother than advisors expect. Talk directly with affiliated advisors, ask for measurable evidence of results, and focus on how a platform responds to advisor feedback rather than marketing claims. AI should enhance – not replace – the advisor relationship by creating operational efficiencies that allow advisors to spend more time delivering personalized advice. Related Resources How to Evaluate a Firm Beyond the Obvious: A Framework for Advisors Why You Should Stay at Your Current Firm   Shannon Spotswood CEO Shannon Spotswood is a 25+ year industry veteran with a tremendous amount of experience across both retail and institutional finance and an outstanding reputation built on her passionate leadership and ongoing success in investment banking, hedge fund portfolio management, business development and retail wealth management. Joining RFG in 2015, Shannon recognized the opportunity to channel her entrepreneurial experience and passion for service into leading a mission to create an Advisor-focused RIA of the Future delivering a supported independence platform that empowers Financial Advisors to build the businesses they want to have, without compromise. Shannon’s career has been characterized by her determination to build something bigger than herself. Having fallen in love with finance at only age 14, she was focused on making an impact in a male-dominated industry. After graduating from college, Shannon spent 20 years in San Francisco working in institutional finance. She began her career in investment banking and eventually achieved her dream job as a Portfolio Manager of a long- short equity fund at Symphony Asset Management. The company was acquired by Nuveen in 2001. After a decade at that firm and now a mother of 3 young children, Shannon turned her entrepreneurial passion in a new direction with a drastic pivot to start a luxury children’s clothing brand, Busy Bees. Taking her years of experience in qualitative analysis of retail companies, Shannon and her business partner built the brand from the ground up, ushering its’ growth from a garage to “Gwyneth Paltrow’s Goop” over the course of a few years. Shannon and her family made the decision to move from the Bay Area to Birmingham, Alabama to be closer to family. And shortly after, the call to return to her first love, finance, grew to great to ignore. In 2015, Shannon joined RFG Advisory as President, leading RFG as the firm has grown from $1.8B to over $5B. In July of 2024, Shannon was named CEO of RFG Advisory and currently serves in that role. NOTE: The views and opinions expressed by the guests on this podcast are their own an

Patrick Larkin, Partner & Practice Leader, Cerity Partners Three years after launching his independent RIA, Patrick Larkin merged with Cerity Partners—but not because that was the original plan. He explains how ownership changed the way he viewed enterprise value, optionality, and the future of his business. In Summary Going independent is often viewed as the destination. Patrick Larkin discovered it was just the beginning. Louis sits down with Patrick, Partner and Practice Leader at Cerity Partners and former founder of Oak Hill Wealth Advisors, to discuss an unconventional journey: leaving Wells Fargo to build an independent RIA, then choosing to merge that business just three years later. Rather than following a predetermined exit strategy, Patrick shares how ownership fundamentally changed the way he thought about enterprise value. A conversation with a prospective acquirer revealed that buyers weren’t interested in purchasing a book of business—they were looking for a business. That realization reshaped how he invested, hired, delegated, and ultimately positioned his firm for the future. The conversation from our Build Grow & Transact series also offers a candid look at life after a merger, from evaluating cultural fit and partnership to balancing autonomy with the resources of a larger organization. More broadly, it illustrates how ownership creates optionality—and why the most valuable decision an advisor makes may not be the one they originally envisioned. The Storyline After spending nearly 15 years building a successful practice at AG Edwards, Wachovia, and Wells Fargo, Patrick Larkin launched Oak Hill Wealth Advisors in 2022 with a simple objective: build a business on his own terms. Like many advisors, he expected independence to be the final destination for a long time. But then there was the realization that ownership changes more than economics; it changes perspective. And it became the beginning of an entirely different way of thinking. As acquisition inquiries arrived sooner than expected, Patrick realized something that fundamentally changed his strategy. Sophisticated buyers weren’t evaluating his client relationships as a book of business; they were evaluating Oak Hill as an enterprise. That insight shifted his priorities from maximizing short-term profitability to building a business that could thrive beyond its founder. Just three years after launching, Patrick chose to merge with Cerity Partners—not because he was looking for an exit, but because he believed it strengthened the future for his clients, his team, and his family. Louis and Patrick explore what led to that decision, how ownership increased the value of his business almost immediately, why he compares independence to an IPO, and what advisors should consider if they hope to create options for the future—even if they don’t yet know what that future looks like. Topics Covered Building enterprise value versus maximizing annual income Creating optionality through ownership Leaving Wells Fargo to launch an independent RIA Why buyers value businesses more than books of business Evaluating strategic partners and acquisition opportunities The economics of independence and business valuation Life after merging with Cerity Partners Balancing autonomy with enterprise-scale resources Leadership, succession, and building beyond the founder Long-term ownership and partnership models > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Patrick decide to leave Wells Fargo? (11:07) Patrick explains why growing frustrations around control, firm priorities, and the ability to build his business eventually outweighed the comfort of staying put. How did going independent immediately change the value of his business? (21:42) Patrick introduces one of the episode’s biggest ideas: why launching Oak Hill felt like taking a company public and how ownership increased the firm’s value almost overnight. Why did Patrick sell only three years after becoming independent? (20:03) An unexpected conversation with a prospective acquirer completely changed how he viewed enterprise value and accelerated his long-term thinking. What separates a business from a book of business? (21:42) Patrick discusses why recruiting advisors, delegating client relationships, and investing beyond himself made Oak Hill more attractive to strategic buyers. Why Cerity Partners? (26:48) Rather than focusing on valuation, Cerity emphasized culture, partnership, and long-term alignment—qualities Patrick says ultimately mattered most. What is life actually like after a merger? (37:57) Patrick offers an unusually candid perspective on autonomy, leadership, and why he says he hasn’t second-guessed the decision once. Key Takeaways Ownership creates opportunities that often aren’t visible until after independence. Enterprise value is built by creating a business that can thrive beyond its founder. The first acquisition conversation can be valuable even if no transaction occurs. Cultural alignment may ultimately matter more than valuation when selecting a long-term partner. Independence doesn’t eliminate future options—it expands them. Strategic transactions can strengthen outcomes for clients, employees, and owners simultaneously. The goal isn’t simply to own a business; it’s to create choices for what comes next. https://youtu.be/f7FGLGjBbyo Quotable Moments “The day Oak Hill launched felt like the business had gone public.” “Potential acquirers weren’t interested in buying a book. They were interested in buying a business.” “Ownership isn’t simply about control. It’s about creating optionality.” “The fear of leaving is almost always worse than the actual experience of leaving.” FAQs Why did Patrick Larkin merge with Cerity Partners only three years after launching his RIA? Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Why does Patrick compare independence to an IPO? Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. What changed after Patrick became independent? Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. What made Cerity Partners stand out? Patrick cites the firm’s culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. Is this episode only relevant for advisors considering selling? No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. What is the biggest lesson Patrick hopes advisors take away? That independence isn’t simply about leaving a firm. It’s about creating the ability to choose what comes next on your own terms. Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. Patrick cites the firm’s culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. That independence isn’t simply about leaving a firm. It’s about creating the ability to choose what comes next on your own terms. Related Resources From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners Ownership Matters: What Advisors Need to Know When Evaluating Firms Top Tips for Setting Your Business Up for Success Years Before a Move Patrick Larkin Partner and Practice Leader Patrick is a Partner and Practice Leader in the Lansdowne, VA office. He is a member of the Lansdowne Practice, where he works closely with families, foundations, and non-profits to help them define and achieve their financial goals with clarity and confidence. With a deep specialization in retirement income distribution planning and complex risk and wealth management strategies, Patrick is known for helping clients simplify complicated financial decisions, reduce uncertainty, and build sustainable, long-term plans. His approach emphasizes fiduciary responsibility, transparency, and personalized guidance — ensuring clients always feel informed and empowered. Prior to joining Cerity Partners, Patrick was the founding member of Oak Hill Wealth Advisors, where he built a highly respected independent advisory practice that earned the trust of families, professionals, and mission-driven organizations across the region. His leadership was instru

Ryan Belanger — Founder & CEO, Claro Advisors Most firms are adding AI to existing workflows. Ryan Belanger chose a different path, acquiring a fintech company and rebuilding Claro Advisors around an AI-native platform. He explains why he believes the future belongs to firms that rethink how they operate, not just the tools they use. In Summary Most firms view AI as another technology investment. Ryan Belanger sees it as a business strategy. Louis sits down with the Founder & CEO of Claro Advisors to discuss why his $1.5 billion RIA acquired a fintech company, built an AI-native operating platform, and believes the firms that gain the biggest advantage won’t simply adopt new technology—they’ll rethink how their businesses are built. The conversation also explores the broader philosophy behind that decision. Ryan shares why he’s consistently chosen unconventional paths—from recruiting younger advisors and embracing a partnership model built around ownership to investing in proprietary technology instead of relying on third-party solutions. For advisors, the bigger question isn’t simply how AI will change their workflow. It’s how it may change what it takes to build a durable, differentiated advisory firm. The Storyline Every generation of wealth management has been shaped by a different competitive advantage. For some, independence paved the way to build unique branding and a bespoke client experience. Inorganic growth and M&A gave many firms access to scale and growth. Today, many believe the next advantage will come from artificial intelligence. But simply adopting AI may not be enough. Ryan Belanger has spent his career challenging conventional thinking. He left Morgan Stanley in 2012, well before independence became mainstream. He built Claro Advisors by investing in younger advisors instead of competing for established producers. He embraced a partnership model centered on advisor ownership rather than restrictive employment structures. And when AI began reshaping the industry, he made another unconventional decision: instead of licensing another technology platform, Claro acquired a fintech company and built its own AI-native operating system. Louis explores the reasoning behind each decision and the philosophy that connects them. Ryan explains why he believes proprietary technology will become a defining competitive advantage, how Claro’s AI platform, Claire, is changing advisor workflows, and why the biggest opportunity isn’t replacing advisors; it’s giving them more time to do the work clients value most. The conversation also tackles practical questions facing every advisory firm: how to integrate AI responsibly, where human judgment continues to matter most, and why the firms best positioned for the future may be the ones willing to redesign their businesses instead of simply adding another layer of technology. Topics Covered AI-native advisory firms Acquiring a fintech versus licensing technology Building proprietary advisor technology Advisor productivity and workflow automation Recruiting and developing younger advisors 1099 partnership model and advisor autonomy Enterprise building and long-term differentiation AI governance and advisor trust The future of wealth management technology > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Ryan launch independently long before it became common? (7:30) Ryan explains why leaving Morgan Stanley in 2012 wasn’t simply about independence—it was about creating a better business model while betting on himself. Why recruit emerging advisors instead of established producers? (15:00) Ryan shares why investing in younger advisors has become one of Claro’s greatest competitive advantages and succession strategies. Why would an RIA buy a technology company? (23:45) Rather than licensing another platform, Ryan explains why Claro acquired NDVR to build proprietary technology that could fundamentally change advisor workflows. How does Claire actually help advisors day-to-day? (33:00) From meeting preparation and client follow-up to portfolio management and workflow automation, Ryan walks through how AI is saving advisors meaningful time. Will AI replace advisors—or make them better? (36:30) Ryan discusses where AI belongs, where human advice remains essential, and why he believes technology should enhance – not replace – the advisor relationship. What does the advisory firm of the future look like? (38:20) Ryan shares his long-term view of how AI, proprietary technology, and advisor expectations will reshape wealth management over the next decade. Key Takeaways Ryan believes firms that build AI into the foundation of their businesses will create greater long-term differentiation than those simply adding new software. Claro’s acquisition of a fintech company reflects a strategy of owning core technology rather than relying exclusively on third-party vendors. AI is most valuable when it eliminates administrative work, allowing advisors to spend more time serving clients. Recruiting younger advisors and investing in long-term talent has become a defining part of Claro’s growth strategy. Advisor autonomy, equity participation, and technology can create stronger retention than restrictive employment models. Human relationships remain central to wealth management, even as AI becomes increasingly capable. The firms that adapt fastest may be those willing to rethink their operating model—not just their technology stack. https://youtu.be/7XvSXi0PzXI Quotable Moments “I wanted to build something that was integrated instead of just layering another tool on top.” “We’re trying to make really good advisors become super advisors.” “Clients still want advice from a person—but they’re going to expect that person to know how to use AI.” “The firms that win won’t necessarily be the ones using the most technology. They’ll be the ones building differently.” FAQs Why did Claro Advisors acquire a fintech company? Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. What is Claire by Claro? Claire is Claro Advisors’ AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. How is Claro using AI differently than many RIAs? Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor’s workflow, planning, portfolio, and client information. Will AI replace financial advisors? Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. How does Claro recruit advisors? The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. What does Ryan believe will differentiate advisory firms in the future? He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. Claire is Claro Advisors’ AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor’s workflow, planning, portfolio, and client information. Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Related Resources Why AI Matters Now: Filling the Estate Planning Gap with Wealth.com Emotional Intelligence: The “Untouchable” Differentiator in an AI World Diamond Consultants Annual Advisor Transition Report Ryan Belanger Chief Executive Officer & Founder Ryan founded Claro Advisors in 2012 after seven years at Morgan Stanley. He named the company after a Latin phrase “to make clear in the mind.” All Claro advisors strive to give their clients clarity and transparency, core tenants of the firm. Claro is continuously recognized within industry for its growth and thought leadership. In 2004, Ryan received a BA in Economics from The College of the Holy Cross and in 2009, he earned the Certified Financial Planner™ distinction. He is most proud of his philanthropic activity. Along with his wife Rachel, they started a foundation that raises money for genetic research in the name of their late daughter, Bella. Their focus is on extreme rare disease. Ryan resides in Boston’s Back Bay with his wife Rachel and their three children. He enjoys exercising, golfing, reading and spending time with his family. He has been featured in numerous magazines and industry publications and is regularly on television sharing his market thoughts. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the vi

With Josh Tomolak, Vice President of Independent Advisor Services, Diamond Consultants Louis Diamond and Josh Tomolak unpack today’s IBD vs. RIA landscape, explaining what has changed, where each model excels, and how to determine which path best supports the business you want to build. In Summary The independent wealth management landscape has changed dramatically, making the decision between an independent broker dealer (IBD) and an RIA more nuanced than ever before. Louis Diamond welcomes Diamond Consultants’ Vice President of Independent Advisor Services, Josh Tomolak, for a practical discussion of how the independent space has evolved, what truly differentiates the IBD and RIA models today, and how advisors can evaluate which path best aligns with the business they want to build. The Storyline Not long ago, the decision to become independent was relatively straightforward. Advisors either remained with a traditional firm or pursued independence through one of a limited number of models. Today, the conversation is far more complex. Independent broker dealers have significantly expanded their capabilities, offering stronger technology, larger transition packages, greater flexibility, and even pathways to RIA ownership. At the same time, the RIA ecosystem has matured into a sophisticated marketplace supported by multiple custodians, outsourced service providers, institutional capital, and enterprise platforms that rival many of the industry’s largest firms. As these developments have unfolded, the traditional distinctions between an IBD and an RIA have become less obvious. Advisors evaluating their options are no longer simply asking whether they should become independent—they’re asking which model best supports the clients they serve, the business they envision, and the lifestyle they want to create. In this Industry Update, Louis and Josh unpack the realities behind the IBD vs. RIA decision. They discuss where the two models overlap, where meaningful differences still exist, and why factors like service, technology, economics, operational responsibility, enterprise value, and long-term optionality often matter more than labels alone. Whether you’re considering changing independent firms, launching your own RIA, or simply want a better understanding of how the independent landscape has evolved, this conversation provides an objective framework for evaluating today’s choices—and preparing for tomorrow’s opportunities. Topics Covered Independent Broker Dealer (IBD) vs. RIA models The evolution of supportive independence Technology investments across the independent space Transition support and advisor mobility Capital solutions and recruiting economics Business formation and enterprise value Launching an independent RIA Multi-custodial platforms and open architecture Minority investments and succession planning Future trends shaping advisor independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are already-independent advisors reconsidering their current model? (5:27) Josh explains why service, technology, economics, and growing optionality are causing advisors to reevaluate their existing affiliations. How have independent broker dealers and RIAs become more alike? (19:28) Louis and Josh discuss the growing convergence between the two models and why the distinction is becoming less obvious than many advisors assume. What really separates an IBD from an RIA? (25:04) A practical discussion of autonomy, compliance, flexibility, custody, economics, and advisor experience. What misconceptions keep advisors from launching an RIA? (36:29) Josh outlines the “Four Pillars” of launching an RIA and explains where advisors tend to either overestimate or underestimate the operational realities. Which advisors thrive most in each model? (33:12) The conversation explores why there isn’t a universally “better” model—only one that’s better aligned with an advisor’s goals. What trends are quietly reshaping independence? (42:13) Minority investments, enterprise value, business formation, and changing revenue models may have an even greater impact than advisors realize today. Key Takeaways Independence has evolved from a destination into an ongoing strategic decision. Independent broker dealers have significantly improved technology, transition support, economics, and flexibility. The RIA ecosystem has matured into a highly sophisticated marketplace with broad outsourcing and support options. Choosing between an IBD and an RIA should begin with long-term business objectives—not industry perceptions. Building a valuable business depends more on business structure and scalability than simply growing assets. Advisors considering independence should evaluate models with an open mind rather than relying on outdated assumptions. The next decade will likely bring continued convergence between independent business models. https://youtu.be/jHDVso2TsmQ Quotable Moments “The question is no longer, ‘Do I want to go independent?’ The question is, ‘What kind of independence makes the most sense for my clients, business, and goals?’” “Business formation is far more important than assets under management.” “The way you build your business will ultimately determine how valuable that business becomes.” “Everything in an RIA is going to cost you either your time or your money.” FAQs Is there still a meaningful difference between an IBD and an RIA? Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Why are more independent advisors changing firms today? Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Is launching an RIA easier than it used to be? Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. Does every entrepreneurial advisor belong in the RIA model? No. The best fit depends on an advisor’s appetite for ownership, customization, operational responsibility, and long-term vision. What matters more: assets under management or how the business is built? Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. What’s the biggest mistake advisors make when evaluating independence? Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you’re trying to build, then identifying the model best suited to support it. Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. No. The best fit depends on an advisor’s appetite for ownership, customization, operational responsibility, and long-term vision. Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you’re trying to build, then identifying the model best suited to support it. Related Resources IBD vs. RIA Comparison Guide IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider 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. View the transcript of this episode… IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make sm

Growth changes the questions leaders have to answer. Matt Kilgroe explains what happens when building an independent firm gives way to building an enterprise.

From professional golf to a nearly $5B multi-family office, Constantine Hatzivassiliou explains why the best advisors become the first call when life gets complicated.

As AI makes expertise more accessible, what becomes an advisor’s true advantage? EI expert James Woodfall explains why authentic human connection may be the one thing technology can’t replicate.

The best due diligence isn’t simply about finding a better firm. It’s about understanding what you’re building—and whether your current environment supports that vision.

Many advisors pursue independence for greater control. Jason Fertitta pursued it to build an enterprise. Today, Americana manages more than $13B and continues to scale through growth, acquisitions, and strategic capital.