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With Haig Ariyan — CEO at Arax and Mike Zabik — Partner, Head of Financial Services at RedBird Capital Partners How Arax and RedBird built a $50B wealth management firm around advisor ownership, organic growth, wirehouse recruiting, and a different approach to private equity. In Summary Private equity has become a powerful force in wealth management, but not every investor approaches the opportunity the same way. Haig Ariyan, CEO of Arax, and Mike Zabik, Partner at RedBird Capital Partners, share how they built a firm from scratch rather than acquiring an existing platform, growing it to approximately $50B in assets and 230 financial advisors. In this conversation with Jason Diamond, they explore what it means to be a partner rather than an acquirer, why advisor equity ownership can accelerate organic growth, and how a hybrid platform can deliver wirehouse-level capabilities with greater flexibility. They also address the questions surrounding private equity valuations, leverage, and exit timelines, along with the opportunities they see in wirehouse team liftouts, ultra-high-net-worth wealth management, and AI-driven advisor productivity. The Storyline There’s no shortage of private equity firms looking to invest in wealth management. And with valuations reaching historically high levels, the competition to acquire established RIAs and recruit successful financial advisors has become increasingly intense. Yet the partnership between Arax and RedBird Capital Partners began with a different premise. Rather than acquire an established wealth management platform and find someone to run it, RedBird set out to find an experienced operator with whom it could build a business from the ground up. That search led Mike Zabik to Haig Ariyan, a veteran wealth management executive whose experience included leadership roles at Alex. Brown and Raymond James. Together, they envisioned a business that would combine the resources, infrastructure, and capital of a large financial institution with the flexibility, ownership opportunities, and entrepreneurial culture of an independent firm. The result was Arax, which has grown to approximately $50B in assets and 230 financial advisors. Their guiding philosophy is to become a “partner of choice, not an acquirer of choice.” But what does that actually mean for financial advisors? For Haig, it means building a platform where advisors help shape the capabilities they use, maintain control over how they serve clients, and participate meaningfully in the equity value of the enterprise they’re helping to grow. For Mike, it means investing in the right people, prioritizing organic growth alongside acquisitions, and resisting the pressure to make business decisions around a predetermined private equity exit timetable. Their discussion with Jason goes well beyond the Arax growth story. They examine the economics of private equity-backed wealth management, including why Mike believes certain businesses can justify EBITDA multiples exceeding 20 times, how leverage complicates the outlook for the largest consolidators, and what advisors should understand about the eventual return of investor capital. They also explore why relatively few PE-backed firms have successfully recruited wirehouse teams directly, despite the significant opportunity, and why Haig considers transition execution just as important as recruiting. Looking ahead, both see opportunities in increasingly complex client needs, the growth of ultra-high-net-worth wealth management, and AI technology that expands advisor capacity. It’s a conversation about the relationship between capital and entrepreneurship, and how the right partnership can influence the business an advisor builds, the clients they serve, and the value they ultimately create. Topics Covered How Arax and RedBird built a wealth management platform from scratch The difference between private equity investors and true operating partners Why Arax emphasizes advisor equity ownership and entrepreneurial culture How hybrid RIA and broker dealer capabilities support sophisticated advisors What wirehouse advisors gain, and what changes, when joining an independent platform The relationship between organic growth, M&A, and enterprise value How advisor equity can create additional incentives for growth Why integrated capabilities, technology, and organic growth influence valuations Private equity EBITDA multiples, leverage, and the potential for RIA IPOs RedBird’s philosophy on exit timing and long-term capital partnerships Why direct wirehouse team liftouts remain an underdeveloped opportunity How AI can improve client onboarding, reporting, prospecting, and advisor productivity The growing opportunity in ultra-high-net-worth wealth management > Download a transcript of this episode… Listen and Learn Highlights for Advisors The origin of a different private equity partnership (04:07) — Mike explains why RedBird was looking for an experienced operator rather than an established platform, and how meeting Haig led to a shared vision for building Arax. Why Arax was designed differently from traditional RIA aggregators (07:27) — Mike describes RedBird’s approach to building businesses from the ground up, while Haig explains the importance of developing a hybrid platform with broker dealer capabilities. How advisor equity ownership changes the relationship (11:34) — Haig discusses creating meaningful ownership opportunities for financial advisors, including the distinction between equity participation and traditional employee forgivable loan arrangements. What independent wealth management can offer wirehouse advisors (18:29) — Haig compares the prescribed capabilities of traditional firms with a partnership model where advisors help shape the resources, services, and solutions available to their clients. Why organic growth matters more than acquisitions alone (20:59) — Mike explains the economics of organic versus inorganic growth, and why he believes firms with strong organic growth profiles command a premium. How equity ownership can accelerate advisor growth (26:13) — Haig describes how ownership gives advisors another reason to grow their practices, expand existing client relationships, and participate in enterprise value creation. What advisors should understand about private equity valuations (33:04) — Jason challenges Mike on high EBITDA multiples and the sustainability of PE-backed wealth management valuations. Mike addresses the economics of building a platform, market fragmentation, and the outlook for larger consolidators. The truth about private equity exit timelines (37:37) — Mike explains why RedBird does not operate Arax around a predetermined exit date, while acknowledging its responsibility to eventually return capital to investors. How AI and integration are shaping Arax’s next phase (41:21) — Haig discusses technology integration, advisor feedback, and how RedBird’s AI team is supporting reporting, practice management, and organic growth. Why more PE-backed RIAs haven’t recruited directly from wirehouses (44:01) — Jason and Haig examine the challenges of direct team liftouts, including recruiting expertise, transition capabilities, and protecting the client experience. Where the next wealth management growth opportunities may emerge (49:10) — Mike identifies generational wealth transfer, ultra-high-net-worth clients, team liftouts, and AI-enabled business development as significant opportunities. AI as augmented intelligence, not advisor replacement (52:23) — Mike explains how RedBird is using AI to increase employee efficiency, improve client acquisition, and free advisors to spend more time on relationships. Key Takeaways 1. The right operating partner can be more important than the acquisition opportunity. RedBird’s decision to build around Haig rather than purchase an existing platform reflects its belief that leadership, operational experience, and entrepreneurial alignment are fundamental to creating enterprise value. For advisors evaluating PE-backed firms, understanding who is making decisions and how the investor and operator work together may be as important as the financial terms. 2. Advisor ownership can fundamentally change the growth equation. A traditional recruiting package may compensate an advisor for changing firms. Meaningful equity participation offers a different opportunity: to share in the value of the larger enterprise. Haig argues that this creates additional incentives for advisors to grow organically, strengthen client relationships, and contribute to the firm’s long-term success. 3. Independence doesn’t have to mean sacrificing capabilities. Arax’s hybrid model is designed to provide financial planning, investment management, alternative investments, lending solutions, and broker dealer capabilities while allowing advisors greater input into how they operate. The distinction is less about the number of resources available and more about whether those resources can be adapted to an advisor’s business and clients. 4. Organic growth is a critical measure of enterprise quality. Mike makes a compelling economic case for organic growth: new assets, revenue, and EBITDA generated without the acquisition costs associated with M&A. He also broadens the definition beyond new client acquisition to include capturing assets held elsewhere, expanding wallet share, and serving more complex client needs. 5. Private equity valuations require a more nuanced analysis. Mike believes integrated, technology-enabled wealth management businesses with strong organic growth profiles can justify premium valuations. However, he also acknowledges the challenges facing the largest consolidators, including leverage, limited pools of potential buyers, and uncertainty surrounding public market valuations. His comments underscore why advisors should understand th

John O’Connell, Founder and Chief Executive Officer of The Oasis Group   With hundreds of AI solutions entering wealth management, how can financial advisors determine which tools are worth adopting? John O’Connell, Founder and CEO of The Oasis Group, shares practical guidance on AI implementation, technology selection, data integration, and risk management—and explains why solving the right business problem matters more than adopting the latest technology. In Summary Artificial intelligence is creating new opportunities for financial advisors to improve efficiency, strengthen client relationships, and build more scalable businesses. But with AI capabilities evolving almost daily, determining where to start – and which solutions will deliver meaningful results – has become increasingly complicated. John O’Connell, Founder and CEO of The Oasis Group, works with RIAs, broker dealers, trust companies, and family offices to evaluate, implement, and integrate technology. His firm’s AI WealthTech Map has grown from 17 to 135 companies in approximately 18 months, offering a revealing look at the expanding universe of AI solutions available to advisors. In this conversation with Louis Diamond, John explains how firms can identify valuable AI use cases, evaluate vendors, establish appropriate safeguards, and prepare for a future in which clients are becoming increasingly sophisticated users of AI themselves. His central message: Start with the business problem, become an educated buyer, and remember that human judgment remains essential. The Storyline The challenge isn’t finding AI. It’s knowing what to do with it. A new AI tool launches, an existing wealth management platform announces additional capabilities, or a colleague shares an impressive demonstration. For advisors eager to improve efficiency and stay competitive, the temptation to adopt the latest technology is understandable. But John O’Connell believes that approach often puts the technology ahead of the business need. As Founder and CEO of The Oasis Group, John helps wealth management firms make smarter technology decisions, from selecting and implementing platforms to integrating data and developing effective workflows. His experience offers a perspective on both the opportunities AI creates and the practical challenges firms encounter when putting it to work. And those challenges are becoming more complicated. The Oasis Group’s AI WealthTech Map now includes 135 individual companies, representing approximately 550 variations of capabilities and licensing options. That doesn’t include established wealth management technology providers that are incorporating AI into their existing platforms. For advisors, the sheer number of choices makes it increasingly important to understand what they’re buying, what their existing technology can accomplish, and whether a new solution will actually solve a problem. John’s advice is to start small, but think strategically. He shares a surprisingly simple first use case: Ask AI to interview the employee who knows how to perform an undocumented business process. The result can be a documented workflow that reduces operational risk while helping employees learn how to use AI effectively. From there, firms can begin identifying opportunities with greater potential impact, including client acquisition, internal knowledge management, operational efficiency, and business scalability. But successful implementation requires more than identifying promising applications. John explains why advisors should establish detailed requirements before attending vendor demonstrations, understand the limitations of APIs and Model Context Protocols (MCPs), and create AI policies that address data protection, employee training, and accountability. The conversation also examines an important distinction between employee and independent advisors. While large firms have substantial technology resources, independent advisors may have greater flexibility to adopt emerging tools and develop AI capabilities more quickly. John believes that advantage is particularly relevant as clients increasingly use AI to analyze financial plans, evaluate investment costs, and question recommendations. Ultimately, he sees AI as an opportunity to strengthen – not replace – the value of human financial advice. By automating certain tasks and making information more accessible, advisors can spend more time developing relationships, exercising judgment, and helping clients navigate the complex personal decisions that technology alone cannot address. Topics Covered AI adoption in wealth management: Why implementing AI successfully requires more than purchasing software or activating existing features. Identifying the right AI use cases: How to prioritize business problems, operational bottlenecks, and opportunities for meaningful improvement. Practical applications and ROI: From documenting workflows and improving meeting management to strengthening referrals and internal knowledge sharing. Evaluating AI vendors: Why detailed business requirements should drive technology selection, rather than impressive demonstrations. Wirehouse versus independent AI capabilities: How technology control, implementation speed, and open architecture influence advisors’ ability to adopt AI. The expanding AI WealthTech landscape: What The Oasis Group’s map reveals about the growing number of solutions available to financial advisors. Technology integration and data access: Understanding APIs, MCPs, and direct data feeds—and why connectivity alone doesn’t guarantee functionality. AI governance and cybersecurity: Establishing acceptable use policies, protecting client information, and maintaining human accountability. Training the next generation of advisors: How AI is changing traditional responsibilities and creating new opportunities for professional development. The future of human financial advice: Why AI may enable advisors to serve more clients while making personal relationships and judgment even more valuable. > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why adopting AI isn’t the same as being ready to use it (10:02) John explains why simply activating tools like Microsoft Copilot rarely produces meaningful organization-wide adoption. Training, clearly defined use cases, and appropriate safeguards are essential to getting value from AI investments. Where financial advisors should start with AI (13:27) Rather than attempting to integrate every system and data source, John recommends beginning with a manageable business problem. He demonstrates how AI can document an employee’s specialized knowledge, reduce operational risk, and build confidence in the technology. How AI can create value beyond meeting notes (16:22) AI note-takers can improve efficiency, but their value depends on how firms use the time they save. John also discusses using AI to understand referral sources, identify what clients value, and improve business development. How to evaluate AI vendors without getting distracted by the demo (22:55) John introduces the MoSCoW framework (must-have, should-have, could-have, and won’t-have requirements) and explains how firms can use it to make better technology decisions. Why independent advisors may have an AI advantage (27:18) John compares the technology adoption capabilities of large employee firms and independent businesses, explaining why flexibility and implementation speed can create a meaningful advantage as AI evolves. What 135 AI WealthTech companies reveal about the market (33:21) The Oasis Group’s AI WealthTech Map illustrates the expanding range of available solutions. John explains how advisors can use a client-journey approach to identify relevant technology and avoid unnecessary purchases. What advisors need to understand about AI integrations (36:48) MCPs, APIs, and direct data feeds promise greater connectivity, but their usefulness depends on which information they make available. John explains why advisors need to understand their data requirements before selecting a solution. What an effective AI policy should include (42:41) John outlines essential governance considerations, including approved tools, vendor vetting, model testing, incident response procedures, and the responsibility of advisors to validate AI-generated information. How AI is changing the development of younger advisors (48:33) As technology takes over administrative responsibilities, firms must reconsider how junior advisors learn the skills that matter most, including client observation, diagnostic questioning, and relationship development. Why AI may ultimately expand the reach of financial advice (52:13) John explains why he sees AI as an opportunity rather than a threat. Greater efficiency could allow advisors to serve more families while preserving the human empathy and judgment clients need during important life events. Key Takeaways Start with the problem, not the technology. Identify an operational challenge or business opportunity before evaluating AI tools. A small, well-defined use case can provide immediate value while helping a firm develop the skills needed for broader implementation. AI adoption requires training and accountability. Providing employees with access to AI doesn’t guarantee effective use. Firms need clear policies, practical training, and processes for reviewing and validating AI-generated results. Become an educated technology buyer. Document business requirements, prioritize essential capabilities, and ask vendors to demonstrate how their solutions address specific needs. A compelling demonstration is no substitute for functional compatibility. Understand what your data integrations actually provide. An MCP or API connection is only useful if it makes the information required for a particular workflow available. Advisors should e

Steve Chubak, Managing Director at Wolfe Research What can advisors learn from the way institutional investors evaluate wealth management firms? Wolfe Research’s Steve Chubak offers a different lens on growth, recruiting, AI, pricing, M&A, and what separates stronger firms from the rest. In Summary Financial advisors and institutional investors often evaluate the same wealth management firms—but from very different vantage points. Advisors may be asking whether a firm offers the platform, technology, economics, and resources they need to serve clients and grow their businesses. Institutional investors are digging into another set of questions: Is that growth sustainable? What does it cost? How effectively is the firm deploying capital? And what could change its economics over time? Steve Chubak, Managing Director at Wolfe Research, spends his days studying those questions across the wealth management ecosystem. His research covers firms ranging from wirehouses and regional brokerages to custodians, broker dealers, and alternative asset managers. Here, Steve brings that institutional perspective to the issues that matter directly to advisors. He explains why investors increasingly distinguish between growth generated by recruiting and growth generated by existing advisors, how rising transition assistance is changing the economics of recruiting, and why organic growth remains one of the most important measures of a firm’s health. The discussion also explores AI’s potential impact on productivity, advisor fees, and firm pricing; the evolving economics of cash sweeps and platform fees; the Vanguard-Altruist transaction; consolidation across the industry; and why human advice may prove more resilient than some predictions suggest. The result is a different framework for evaluating the firms advisors work for, partner with, or may someday consider joining. The Storyline Steve occupies a unique seat in the wealth management industry. Rather than evaluating firms as an advisor, recruiter, or executive, he studies them on behalf of institutional investors. His team at Wolfe Research looks across the wealth management ecosystem and analyzes how individual firms are positioned, where growth is coming from, what it costs to generate that growth, and what risks could alter the outlook. That distinction drives the conversation. Jason initially asks what institutional investors may see that retail investors and advisors miss. But the discussion reveals something more useful: Both groups are trying to answer many of the same fundamental questions, just for different reasons. An investor may want to know whether a firm’s organic growth can support its stock price. An advisor considering that firm wants to know whether its platform, economics, technology, and strategy can support their business for years to come. The overlap leads into a deeper discussion of advisor movement and recruiting. Steve explains why investors increasingly care not just about net new assets, but about the cost of acquiring them. As transition packages have risen, the market has become more focused on the difference between “new store” growth generated through recruiting and “same store” growth generated by advisors already on the platform. From there, the conversation turns to AI—not simply as a technology story, but as a potential catalyst for broader changes in wealth management economics. Steve sees significant potential for AI to improve advisor productivity and platform efficiency while raising longer-term questions about pricing, cash monetization, and how firms get paid. This naturally connects to cash sweeps, platform fees, consolidation, M&A, and the competitive positions of some of the industry’s largest firms. Ultimately, Steve’s institutional lens offers advisors another way to evaluate a firm: Look beyond the recruiting package or headline growth number and ask whether the business underneath it is durable. Topics Covered How institutional investors evaluate wealth management firms What advisors and institutional investors may learn from one another Why advisor movement matters to investors Organic growth, net new assets, and the cost of asset acquisition “Same store” versus recruiting-driven growth Rising transition assistance and recruiting economics AI’s impact on advisor productivity and platform efficiency Potential long-term pressure on advisor fees and pricing Cash sweeps, cash monetization, and platform fees Why transparent pricing could better align firms, advisors, and clients The Vanguard-Altruist transaction and the RIA custody landscape The competitive positions of Morgan Stanley, LPL, and Schwab Private equity-backed wealth management firms and leverage How firms should balance recruiting growth with capital discipline Why human financial advice may remain resilient in an AI-driven world The KPIs Steve uses to evaluate wealth management businesses Data ownership, AI, and the potential case for self-clearing M&A, industry consolidation, and why strategic buyers may have to “buy it twice” > Download a transcript of this episode… Listen and Learn Highlights for Advisors How the institutional view differs from the advisor view — 08:05 Steve explains why institutional investors tend to go much deeper on individual companies, competitive positioning, and the “game theory” behind industry change, while advisors often take a broader, relationship-driven view. Why advisor movement matters to Wall Street — 11:28 Jason connects Steve’s research directly to the questions advisors ask when evaluating firms. Steve explains why organic growth, net new assets, and the cost of recruiting advisors receive significant attention from institutional investors. Why all growth isn’t created equal — 13:38 As recruiting packages have increased, investors have become more discerning about the quality and cost of growth. Steve explains why growth generated by existing advisors can sometimes be more attractive than growth purchased through recruiting. AI: Productivity opportunity or pricing threat? — 16:09 Steve describes himself as moderately bullish on AI, particularly because of its potential to improve advisor productivity and platform efficiency, while acknowledging longer-term questions around monetization and pricing. Rethinking cash sweeps and platform fees — 17:55 Steve breaks down how firms monetize client cash and makes the case for a more transparent pricing structure that could better align the economics of clients, advisors, and firms. What Vanguard-Altruist could mean for RIA custody — 23:53 Steve puts the transaction into perspective and discusses Altruist’s potential to move upmarket, while explaining why Schwab’s breadth, scale, technology, and product offering remain formidable competitive advantages. Which firms could keep gaining share? — 26:54 The discussion turns to Morgan Stanley, LPL, and Schwab and why Steve believes each could continue consolidating share within its respective channel. The economics behind increasingly large recruiting deals — 30:48 Jason and Steve debate how much firms should spend to recruit advisors, the importance of capital discipline, and whether maximizing recruiting growth is always worth the cost. Will AI force advisors to lower their fees? — 35:43 Steve sees potential for some pricing pressure but explains why advisory fees have historically demonstrated greater resilience—and why increasingly sophisticated advice may help preserve that value. Why the last 20% of advice may matter most — 38:50 Using his own experience trying to replace a lawyer with an LLM, Steve explains why technology can get surprisingly far while still leaving a critical gap where human expertise, judgment, and reassurance matter. The KPIs that reveal the health of a wealth management firm — 40:51 Steve shares the metrics he looks at first, including organic growth and operating leverage, and explains why unusually low expense growth can sometimes signal underinvestment rather than strength. What could drive the next wave of industry change — 42:18 Data ownership, AI, self-clearing, M&A, and consolidation come together as Steve considers what firms may need to control – and invest in – to remain competitive. Key Takeaways Look beyond headline growth. Recruiting success and strong net new asset numbers can be impressive, but Steve’s institutional framework asks a second question: What did that growth cost? As transition assistance has increased, investors have become more focused on the quality of growth—not simply its quantity. For advisors evaluating a firm, that same question can reveal whether its strategy appears sustainable. Organic growth may tell you more about a platform than recruiting alone. A firm that helps its existing advisors grow can demonstrate something important about the strength of its platform, technology, service, and capabilities. Steve describes organic growth as one of the first metrics he examines when evaluating a wealth management business. AI’s biggest impact may come through its knock-on effects. The immediate opportunity is productivity. The longer-term questions involve pricing, cash monetization, platform fees, data ownership, and competitive positioning. Rather than viewing AI as a standalone technology issue, Steve considers the “game theory” around how one change could force responses across the industry. Firm economics matter to advisors—even if they never plan to become investors. A firm’s capital allocation, growth strategy, recruiting costs, technology investment, and revenue model can ultimately affect the advisors who work there. For an advisor evaluating a potential firm, model, or equity partner, understanding the health of the underlying business can add another dimension to the decision. Human advice still has a powerful value proposition

Michael Lee & Steve Armaly—Founders & Managing Partners, Ox Road Capital After leaving UBS to launch Ox Road Capital, Michael Lee, Steve Armaly, and their partners crossed $1B in AUM in just 225 days. They share how years of client trust, partner alignment, and a client-first vision helped make an extraordinary transition possible. In Summary When Michael Lee, Steve Armaly, and their partners left UBS to launch Ox Road Capital, they walked out the door without client information or a single dollar in assets at their new firm. Just 225 days later, Ox Road crossed $1B in AUM. But that extraordinary result was years in the making. Mike and Steve join Mindy to share the story behind the transition: why a highly successful $1.2B UBS team decided its vision had outgrown the employee model, how four partners worked through very different perspectives to reach alignment, and why they ultimately chose independence over the significant recruiting economics available elsewhere. They also discuss the realities of leaving a non-Protocol firm, how clients responded, and why years spent building trusted relationships became one of their most valuable assets during the transition. Today, with approximately $1.1B in AUM, a 93% retention rate, six additional team members, and a growing new-business pipeline, Ox Road is beginning to realize the larger vision behind the move: greater control over resources, technology, marketing, staffing, and the client experience. The Storyline For Mike, the idea of independence dates back to 2009. The entrepreneurial instinct was there, but the infrastructure, economics, and timing weren’t. He joined UBS instead and, over the next 16 years, helped build an extraordinarily successful business. Steve had a similar entrepreneurial streak. Together with partners Brian Blackburn and Jeff Allen, they built an integrated team around financial planning, client service, and portfolio management—and a belief that people perform best when they can “soar with their strengths.” Success, however, eventually created a different question: Could the business they wanted to build continue to thrive within the structure of a traditional firm? Their answer did not come quickly or unanimously. The four partners spent roughly a year working toward alignment, at one point turning to an outside counselor to help them navigate differences that threatened a partnership they considered more important than any particular firm or business model. Once aligned, their priority became clear: Any move had to make things better for clients first. With Diamond Consultants helping them understand a rapidly evolving landscape and evaluate the range of available options, the team ultimately chose to build Ox Road Capital through LPL Strategic Wealth Services. Then came the real test. Leaving non-Protocol UBS meant walking out without client information and trusting that years of doing right by clients would matter. The response offered a powerful answer: Ox Road crossed $1B in AUM just 225 days later. The story is ultimately less about how quickly $1B moved than about everything that happened before it could: years of service, transparency, partnership, and trust. Topics Covered Why Mike first considered independence in 2009—and why the timing wasn’t right The meaning behind the Ox Road name and its connection to humility, service, sacrifice, hard work, and teamwork How four partners built an integrated team around complementary strengths Why partner alignment became one of the hardest parts of the decision When their successful UBS practice began to outgrow the employee model Why serving clients better became the team’s “true north” The economics of choosing long-term ownership over a large recruiting package How the independence landscape has evolved for billion-dollar wirehouse teams Diamond Consultants’ role in helping the team understand and narrow the opportunity set The risks and realities of leaving a non-Protocol firm How years of client trust contributed to a 93% retention rate Why they selected LPL Strategic Wealth Services How greater control is changing staffing, technology, marketing, and the client experience Ox Road’s plans for organic growth and M&A > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why four successful partners weren’t immediately aligned around independence. (12:09) Mike and Steve describe their unusually close partnership, why they make major decisions unanimously, and what happened when the prospect of leaving UBS exposed differences they had never confronted before. When a successful wirehouse practice can begin to outgrow its environment. (17:11) They explain how a desire to build an enduring enterprise, mentor the next generation, and invest more heavily in white-glove service created growing friction with the limitations of the employee model. Why the client had to come first in any decision to move. (26:25) Steve explains the principle that ultimately aligned the partners: A move could improve their own lives, but it first had to create a better experience for their clients. How they evaluated independence—and the economics they were willing to leave behind. (27:49) The partners discuss the financial and personal considerations behind choosing ownership for the long term rather than pursuing a significant recruiting package. What it means to leave a non-Protocol firm with nothing. (32:19) Mike and Steve describe the legal guidance, uncertainty, and leap of faith involved in leaving UBS without client information—and why clarity around their decision helped them manage the risk. How years of client trust helped move $1B in 225 days. (33:32) The team started Ox Road with zero AUM. Mike and Steve explain how clients responded, why there was no elaborate “pitch,” and how years of comprehensive planning, transparency, and service created goodwill long before the transition. What independence has allowed them to change. (39:20) From building their own technology stack to redirecting resources, expanding marketing, and adding staff, Mike and Steve share how greater control is allowing them to “level up” the client experience. Why they chose LPL Strategic Wealth Services. (42:15) Mike explains why the partners wanted control over the P&L, staffing, branding, marketing, and resource allocation while relying on LPL for areas such as cybersecurity and compliance. What’s next for Ox Road Capital. (45:51) With the first-year transition behind them, the partners are turning toward the next phase of the enterprise, including continued organic growth and potential M&A. The advice they’d give advisors who are afraid to make a change. (46:45) Steve returns to the principle at the heart of their story: Honor the client-advisor relationship, understand why you’re considering change, surround yourself with trusted counsel, and don’t underestimate the value of relationships built through years of serving clients well. Key Takeaways Trust is built long before it is tested. Ox Road’s $1B transition didn’t happen in 225 days. In many ways, it took decades. Mike and Steve attribute the outcome to years of comprehensive planning, consistent communication, transparency, and putting clients first. When the team announced its departure, clients already understood who their advisors were and how they made decisions. Partner alignment deserves as much attention as firm selection. For a multi-partner team, determining where to go may be easier than agreeing on whether to go. Ox Road’s four partners spent roughly a year working through different risk tolerances, life circumstances, and priorities before reaching unanimity. Protecting the partnership remained their highest priority throughout the process. The independence opportunity set has changed dramatically. Mike first considered independence in 2009 but concluded that the operational and financial hurdles were too great. Years later, the team discovered not only that the ecosystem had matured, but that the range of models and support structures had evolved substantially even within the previous five years. Ownership was about control, not simply economics. The team could have pursued a significant recruiting package elsewhere. Instead, they wanted the ability to decide how revenue would be reinvested into people, technology, marketing, and client service—and to build an enterprise designed to outlive its founders. Independence doesn’t have to mean doing everything yourself. Ox Road wanted control over the areas it considered essential while avoiding responsibility for functions such as cybersecurity and compliance. LPL Strategic Wealth Services offered a model that allowed the partners to own and operate their business while leveraging outside scale and infrastructure. https://youtu.be/uMAB3lYqPo8 Quotable Moments On partnership: “Our arms are locked together as four partners.” On what ultimately mattered most: “Everything had to point to it being better for the client.” On making a non-Protocol move: “It was a leap of faith to do that because you literally have to walk out with nothing. And we did.” On the difficulty of transition: “Nothing good is easy and transitioning isn’t easy, but it is certainly worth it.” On the foundation for a successful transition: “So much of the hard work is just in how you’ve been running your business that allows you to transition well.” On client loyalty: “It truly is the relationship between the client and the advisor.” On what clients did after the move: “They’ve rallied around us where we have always rallied around them.” On ownership and control: “The ability to control the P&L, the hiring and firing, the allocation of resources, the marketing, the branding—all of the things that were of paramount importance to us—we can do.” On the next chapter: “We hav

A Special Industry Update with Louis Diamond and Jason Diamond Wirehouse advisor movement accelerated sharply in the first half of 2026. Louis and Jason Diamond unpack the numbers, the forces driving them, and what they reveal about an increasingly competitive advisor marketplace. In Summary Wirehouse advisor movement reached a notable pace in the first half of 2026. Across Merrill, Morgan Stanley, UBS, and Wells Fargo, 1,449 experienced advisors left while 932 joined—a net decline of 517 advisors in just six months. Yet those aggregate numbers obscure four very different firm-level stories and a much broader shift in the competitive landscape.  Louis and Jason Diamond unpack the findings from Diamond Consultants’ 2026 H1 Advisor Transition Report: Wirehouse-Focused Edition, looking beyond headcount to examine where advisors are going, why large teams are moving, what recruiting economics look like, and why wirehouses continue to win sophisticated advisors even as overall attrition rises. The larger story may be one of expanding choice. More than 200 firms recruited at least one wirehouse advisor during the first half of the year, giving advisors more ways to match their business, economic, cultural, and client-service priorities with a model that fits.  Want to go deeper into the data? Download Diamond Consultants’ 2026 H1 Advisor Transition Report: Wirehouse-Focused Edition for the complete findings, firm-by-firm analysis, advisor destination data, recruiting economics, and representative transitions. Download the Full Report → The Storyline Wirehouses remain home to some of the largest and most sophisticated financial advisor businesses in the industry. But the market competing for those advisors has changed dramatically. That makes the movement captured in the first half of 2026 particularly revealing. At first glance, the headline is attrition: The four wirehouses lost 517 advisors on a net basis in six months. Dig deeper, however, and the picture becomes far more nuanced. Wells Fargo and Morgan Stanley were net winners, while Merrill and UBS experienced significant net losses. Nearly half of departing wirehouse advisors chose some form of independence, yet more than half remained within an employee model. And 41 teams managing more than $500mm left a wirehouse—including 20 managing $1B or more.  Louis and Jason examine what is behind those numbers. Their discussion looks at the push factors driving some advisors to reconsider their firms and the increasingly diverse pull factors drawing them elsewhere. Jason describes a marketplace in which the four wirehouses no longer compete primarily with one another, but with regional firms, boutiques, independent broker dealers, RIAs, platform providers, and other emerging models.  They also examine why the movement of the industry’s largest teams deserves particular attention. These advisors often have significant resources, strong economics, access to senior leadership, and well-served clients at their existing firms. Yet some are concluding that having more to lose can also mean having more to gain—whether through greater control, enterprise value, culture, branding, or another business priority.  The result isn’t a simple story of wirehouses losing and independence winning. It is a story about a marketplace with more credible choices – and more competition for successful advisors – than ever before. Topics Covered H1 2026 wirehouse advisor movement and net attrition Merrill, Morgan Stanley, UBS, and Wells Fargo recruiting trends Wirehouse-to-wirehouse movement vs. advisor independence Large-team and $1B+ advisor transitions Push and pull factors driving advisor movement Wirehouse, regional, and boutique recruiting deals RIA valuations and private equity-backed acquisitions Enterprise value and advisor ownership Retire-in-place programs and compensation changes AI and technology as recruiting considerations The expanding universe of advisor affiliation models > Download a transcript of this episode… Listen and Learn Highlights for Advisors What does the headline wirehouse attrition number really tell us? (04:28) Jason explains why the 517-advisor net decline is significant, but also why headcount alone provides an incomplete picture of advisor movement. Why is wirehouse advisor movement accelerating? (06:33) The discussion turns to the push factors creating frustration inside firms and the pull factors created by a far broader and more competitive marketplace of alternatives. Why are Wells Fargo and Morgan Stanley outperforming their wirehouse peers? (11:23) Louis and Jason break down the four firms individually, including Morgan Stanley’s organic growth engine and Wells Fargo’s recruiting resurgence. What’s behind the notable movement out of UBS? (16:25) Jason looks beyond advisor count to the size and quality of the teams leaving UBS, while Louis considers the tension that can arise between corporate strategy and what individual advisors want from their firm. Is the real story independence or the explosion of advisor choice? (20:46) While 46% of departing wirehouse advisors chose independence, the conversation reveals an equally important trend: advisors are moving across a much broader range of W-2 and independent models. Why does the movement of $500mm and $1B+ teams matter so much? (26:01) Jason explains why these highly successful teams have both the greatest optionality and, potentially, the most to gain from reconsidering their model. Why do wirehouses remain formidable recruiters? (30:42) Brand, familiarity, investment capabilities, banking and lending, alternatives, and competitive recruiting deals continue to make the wirehouse model attractive to many sophisticated advisors. What are firms paying to recruit top wirehouse teams? (36:02) Louis and Jason compare current W-2 recruiting packages with independent transition economics and the increasingly significant valuations available through RIA and private equity-backed acquisitions. What could shape advisor movement through 2027? (41:34) Compensation changes, retire-in-place programs, RIA valuations and AI emerge as important forces to watch as advisors continue evaluating firms and models. What should advisors ultimately take away from the data? (44:31) The report isn’t intended as a case for changing firms. It’s a way to understand where the industry is heading, what advisors are looking for, and how the competitive landscape is evolving. Key Takeaways Wirehouse movement is elevated on both sides of the ledger. Firms are losing more advisors, but they are also recruiting aggressively, so net headcount is only one measure of what is happening. The four wirehouses are experiencing very different recruiting environments. Wells Fargo and Morgan Stanley were net positive during H1, while UBS and Merrill posted substantial net losses.  Independence is gaining share, but this isn’t simply an independence story. While 46% of departing wirehouse advisors chose an independent model, 54% did not. Regional firms, boutiques, and alternative W-2 models are also attracting meaningful advisor talent.  The movement of large teams may be more meaningful than overall advisor count. Twenty $1B+ teams left wirehouses during the first half of 2026, despite generally having significant resources and leverage at their existing firms. More choice is changing the recruiting equation. More than 200 firms recruited a wirehouse advisor in H1, increasing the likelihood that advisors can find a model aligned with a highly specific set of priorities.  Recruiting economics remain highly competitive. Traditional recruiting packages can exceed 400% of trailing production for select teams, while independent and acquisition models introduce very different ways to monetize and build enterprise value.  AI is becoming part of firm evaluation. Advisors increasingly want to understand how prospective firms are approaching AI, whether through large-scale proprietary investment or the flexibility to select emerging third-party tools.  https://youtu.be/OZrhTf4nfCU Quotable Moments “The number of big teams in motion is probably the more important number than surely just the number of advisors in motion.” — Jason  “These teams that are this size…have the most to lose. What we’re seeing, though…is they flip that logic on its head.” — Jason  “More choice means more leverage for advisors.” — Louis  “Every firm is recruiting…Every firm is clearly losing advisors, some more than others. But the common through line is successful teams…have more credible destinations for their business than ever before.” — Louis  FAQs How many wirehouse advisors moved in the first half of 2026? Across Merrill, Morgan Stanley, UBS, and Wells Fargo, 1,449 experienced advisors left during the first six months of 2026, while 932 joined, resulting in net attrition of 517 advisors.  Are all four wirehouses losing advisors? No. The aggregate numbers mask meaningful differences among the firms. Wells Fargo finished H1 with a net gain of 46 advisors, Morgan Stanley gained 23, UBS lost 182, and Merrill lost 404 on a net basis.  Where are departing wirehouse advisors going? The destinations are increasingly diverse. In H1 2026, 46% chose an independent model, 24% moved to another wirehouse, and others selected regional, boutique, and alternative employee models. More than 200 firms recruited at least one wirehouse advisor during the period.  Are large wirehouse teams also moving? Yes. Forty-one teams managing more than $500mm left a wirehouse in the first half of 2026, including 20 teams managing $1B or more. Twelve of the 41 teams chose another wirehouse, reinforcing that sophisticated teams are evaluating both employee and independent alternatives.

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

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