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Welcome to the latest episode of our podcast

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series for financial advisors.

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Today's episode is

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becoming the client's financial concierge,

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2000000000 dollar U ups,

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set their sights on being she for the

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long term. It's a conversation with Russell Crowe

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and William deal, partners and managing directors of

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Beacon Point.

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I'm Mindy Diamond, and this is the Diamond

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podcast for financial advisors.

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This podcast is designed for advisors like you,

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who are interested in learning more about the

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evolving wealth management

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industry through candid dialogue with breakaway advisors,

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those from the C suite and industry thought

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leaders. It's available on our website, Diamond dash

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consultants, dot com, as well as apple podcasts

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and other major podcast platforms. So be sure

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to subscribe and share it with your colleagues.

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At Diamond consultants, our mission is to help

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advisors live their best business life.

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We want every elite advisor to find exactly

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the right place for their business and their

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clients to thrive,

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whether it's at a wire house, a regional,

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boutique or independent firm. As the industry's leading

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recruiters and consultants

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we've transitioned more than a quarter of a

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trillion dollars in assets under management in the

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past decade.

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And each year, 25 percent of transitioning advisors

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who manage a billion dollars or more are

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our clients.

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Cure us about where why and how advisors

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like you are moving,

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download the latest advisor transition report to learn

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more,

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including

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hell on recruiting deals and our insight and

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analysis on the latest trends in the wealth

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management space.

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You'll find it at diamond dash consultants dot

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com

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forward slash

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transition report, or if you'd like to talk,

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feel free to give us a call at

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09:08

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8791002.

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I'm always so impressed by advisors who see

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the handwriting on the wall. They recognize heather

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clients needs are revolving, and they grasp how

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the industry is changing.

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As a result, they look at their own

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businesses, the firms they work for and their

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goals and ask themselves the important questions,

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not just about the short term, but the

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long term as well.

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Russell Crowe, and William, or Billy deal

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invested nearly 3 decades each in the wire

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world,

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most recently is managing directors at U ups.

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They watched as the financial advice industry Morph

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from which transactional model to 1 in which

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advisors served a wide variety of clients.

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That is

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financial advisers were more embedded in the lives

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of their clients.

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With seats the table for decisions well beyond

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the world of stocks and bonds.

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They were now expected to be true

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serving their clients

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not just as a financial advisor, but instead

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as a financial concierge.

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It was a concept

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that fit well into Russell and Billy vision

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for their business.

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Ultimately,

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leaving the wire world in October of 2023

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to join Beacon point advisors as the first

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breakaway team to integrate with the firm,

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In this episode, they share a compelling narrative

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around the changes they saw in building their

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extraordinary business

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the evolution of their client's needs and how

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each impacted their decision to transition to beacon

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in point and not another warehouse or to

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build their own R

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themselves, and they offer actionable advice for other

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advisors considering change

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plus much more.

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There's a lot to discuss, so let's get

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to it.

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Russell Billy, I am delighted to talk with

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you today. Thank you so much for joining

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me. We're glad to be here. Thank you

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for having us.

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Mindy, it's Russell. Thank you again. We're delighted

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to be here. You bet. Alright. A lot

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to talk about. So let's jump right in.

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Let's start at the beginning. Tell us a

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little bit about yourselves. I believe it was

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a 24 year professional path to joining beacon

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point in the summer of 23.

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So why don't we start with you, Russell

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and then we'll go to you, Billy?

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Certainly, Mindy

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Russell Crowe. I grew up in the hill

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country of Texas and a very small town

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of about a thousand people and Dallas was

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always the shiny object, big city.

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Out in the plains of Texas, and I

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thought I would get there someday. And after

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undergrad and graduate school,

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finally got to Dallas, and then they promptly

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sent me to Houston with Billy. We spent

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a couple of years in Houston.

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And then made our way back to Dallas

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for the rest of our career.

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And you, Billy? Yeah. Billy D grew up

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here in Dallas add a little color to

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what Russell said. We both went to business

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school and our first firm, Morgan Stanley. We

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met in the training program.

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And as we like to tease sometimes, we

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decided to be partners before we ever picked

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up a phone.

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And I think the cam over the last

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25 years in the partnership has just been

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a gods sound.

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Russell has been a fantastic partner.

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And I know that there can be complex

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when teams are merging and splitting up. But

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if I like to say,

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0 splits very nicely down the middle 50

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50. So we've been 50 50 partners

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through thick and thin, the ups and downs

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for our entire careers.

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How wonderful.

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Partnerships are a fabulous thing when they work,

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and it sounds like you guys have really

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nailed that so we'll get to more about

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what makes it work or tick later. I'd

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love for if you'd give our listeners a

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sense of your overall business. So I know

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you guys manage today about 2000000000 in assets?

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Give us a sense of a couple things?

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How many clients or client relationships do you

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have And what kind of work do you

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do for those clients?

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Mindy, I'll take that 1. This is Russell.

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We have approximately 2200000000.0

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in assets

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and approximately

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50 families. Now when we say 50 families,

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you could think of that as a pyramid

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with the Patriarch,

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let's say at the top, and you may

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have numerous

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generations. So there's a lot more than 50

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accounts

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but there's

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approximately

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50 top accounts

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that make up that 2200000000.0

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and we've been fortunate in a way to

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operate like a financial concierge if you will.

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When families are making decisions around their wealth,

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whether that is loans or insurance or investments

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or properties or various other decisions that involve

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investing funds.

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We've been privileged to help op pine on

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those decisions

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and

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maybe give them a sense of direction and

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some analysis on how to do things in

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the most efficient both from a cost perspective

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and a success perspective for our families.

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Yeah. And we'll... I wanna get to

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how that approach of being a financial Concierge

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financial quarterback for you're obviously Ultra net worth

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clients

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how that changed for you throughout your career.

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So billing, you started out, you met in

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the Morgan Stanley training program

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tell us a little bit. I know that

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you spend some time at Goldman during the

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25 years, and then most recently, U ups

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before joining Vegan point. We started at...

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Morgan Stanley and Houston

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eventually moved to Dallas that's where we knew

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we wanted to be

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after 3 or 4 years at Morgan Stanley.

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We went through the

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dot com collapse.

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And we were part of the high net

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worth group at Morgan Stanley, Morgan Stanley decided

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to consolidate their Dallas office

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back to Houston, then we had already planted

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roots here in Dallas. At that time, word

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got out that Morgan Stanley with closing their

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office and Goldman gave us a call, and

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we formed a partnership, and we moved over

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to Goldman.

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We are there for 7 or 8 years,

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and then

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during the financial crisis, we left

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Goldman and joined U and spent a good

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part of our career 14 years at U

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most recently

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joined

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Beacon point, and that would have been August

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of last year 2023.

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It was kind of our first change getting

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onto the fiduciary side of the business. That's

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get in a nutshell. Thank you for that.

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That's good orientation. So back to the business,

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Billy, maybe you can continue a little bit,

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Tell us a little bit about your investment

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approach

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and what your team looks like.

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Sure. Let me start with team.

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So we have a fairly simple structure. There

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are 6 team members, Russell and I are

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the investment partners, and then we've got 2

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analysts, and we've got 2

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client associates. And the way we kinda segment

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responsibility,

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projects,

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trading,

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managing various portfolios,

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that typically falls under the analyst

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bucket and we've got 2 very sharp folks

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that work for us, Sarah stubs and Pierce

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Hal.

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They were collectively together sharing those responsibilities.

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And then on the client associate side, they

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are responsible for

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handling day to day, items for clients, wires,

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cash needs, funding accounts, opening accounts,

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and they share those responsibilities

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and with 6 people. We all work in

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1 big room. So if you could imagine

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3 different trading desks if you will, we're

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all spread amongst of the 3 trading desks

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which makes

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conversation and dialogue very fluent. I need you

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talk to Julie. I need to talk to

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peers. We're all in the same room just

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peek my head above the divider, and we

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can have a conversation, peel off to the

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conference room if it's gonna be a little

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bit longer,

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and so it's a very collaborative

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dynamic

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atmosphere.

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Let me ask you a question. When you

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say collaborative, I'm thinking about 2 things. It

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sounds like you really value

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working together. So not only with your team,

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but collaborating amongst the 2 of you and

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25 years together,

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we see partnership in the last

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decade or 2. The big firms have really

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forced a lot of arranged marriages. And they

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don't always last. So what do you think

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the secret to your success is as a

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partnership. What is it that's kept you together?

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Mindy, I'll take that 1. At the core,

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our experience has been that great

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partnerships work

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when the partners have very different skill sets.

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And so 1 simple way to look at

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billy and myself, I would put myself

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60 percent in the E q

276
00:11:28,584 --> 00:11:29,084
category,

277
00:11:29,784 --> 00:11:32,424
and I would put billy 60 percent in

278
00:11:32,424 --> 00:11:33,725
the iq category,

279
00:11:34,279 --> 00:11:36,700
and 40 percent in the E q

280
00:11:37,399 --> 00:11:39,720
emotional category. And so when you have that

281
00:11:39,720 --> 00:11:40,519
kind of mix,

282
00:11:41,399 --> 00:11:43,294
somebody might relate

283
00:11:43,975 --> 00:11:46,875
to prospects and cold calling and

284
00:11:47,334 --> 00:11:47,654
presentations,

285
00:11:48,615 --> 00:11:49,654
60 percent,

286
00:11:50,214 --> 00:11:52,730
and maybe the end internal math

287
00:11:53,029 --> 00:11:55,110
equation, you all have to do, but maybe

288
00:11:55,110 --> 00:11:57,830
that's 40 percent. Billy might be the flip

289
00:11:57,830 --> 00:11:59,049
of that. And so

290
00:11:59,429 --> 00:12:00,684
that allows us

291
00:12:01,439 --> 00:12:03,743
to play to our strengths because we have

292
00:12:03,743 --> 00:12:06,205
a partner that's then playing to their strengths.

293
00:12:07,079 --> 00:12:09,144
I think if you look over our 24

294
00:12:09,144 --> 00:12:12,041
25 years, that has been a relatively

295
00:12:12,811 --> 00:12:15,984
unspoken truth that's just been apparent between the

296
00:12:15,984 --> 00:12:18,364
2 of us. And I think that's really

297
00:12:18,364 --> 00:12:20,840
helped us in tremendously over the years. Yeah.

298
00:12:20,999 --> 00:12:23,063
And I think in my experience, I've had

299
00:12:23,063 --> 00:12:26,659
the privilege now. I've interviewing so many successful

300
00:12:27,588 --> 00:12:30,080
partnerships. And it's clear to me that the

301
00:12:30,080 --> 00:12:32,419
very best ones are about

302
00:12:32,799 --> 00:12:34,259
those that have complementary

303
00:12:34,960 --> 00:12:38,401
skill sets where not everybody does all the

304
00:12:38,401 --> 00:12:42,217
same things, but one's each you complements the

305
00:12:42,217 --> 00:12:44,523
other's Iq and vice versa. So I love

306
00:12:44,523 --> 00:12:45,929
how you said that, and thank you for

307
00:12:46,049 --> 00:12:47,803
sharing that. What I would say to that

308
00:12:47,803 --> 00:12:49,715
too, Russell took a little bit of a

309
00:12:49,715 --> 00:12:51,549
dig on my e q. And that really

310
00:12:51,549 --> 00:12:53,701
hurts my feeling, but I'll let that slide.

311
00:12:54,433 --> 00:12:56,826
I'd say too. We've been through this, but

312
00:12:56,985 --> 00:12:59,298
I trust Russell. I think he trusts me.

313
00:12:59,618 --> 00:13:01,612
He's my friend, and we try to make

314
00:13:01,612 --> 00:13:03,606
it fun. It's it's really as simple as

315
00:13:03,606 --> 00:13:03,765
that.

316
00:13:04,738 --> 00:13:05,775
Thank you for sharing that.

317
00:13:06,493 --> 00:13:08,408
Before we talk a little bit about get

318
00:13:08,408 --> 00:13:10,722
into the business itself and the decision to

319
00:13:10,722 --> 00:13:13,212
join Beacon point. I wanna just ask you

320
00:13:13,212 --> 00:13:16,245
about life in the wire world. So 3

321
00:13:16,245 --> 00:13:18,719
firms. You were young in the business and

322
00:13:18,719 --> 00:13:21,049
only at Morgan Stanley a short time. But

323
00:13:21,049 --> 00:13:23,520
if we look primarily at U b where

324
00:13:23,520 --> 00:13:25,833
you spend 14 years and combine that with

325
00:13:25,833 --> 00:13:28,065
your time at Goldman, how do you think

326
00:13:28,065 --> 00:13:31,102
life in that traditional space changed over time.

327
00:13:31,895 --> 00:13:34,218
That's a really good question. I would say

328
00:13:34,510 --> 00:13:36,912
looking back at the start of our careers,

329
00:13:37,459 --> 00:13:39,933
you would look up to the folks that

330
00:13:39,933 --> 00:13:42,647
were 3 or 4 years ahead of you

331
00:13:42,647 --> 00:13:44,643
that had made it. Right? Had gone out

332
00:13:44,643 --> 00:13:45,941
there and attracted

333
00:13:46,573 --> 00:13:48,724
enough clients to where they were self sustaining.

334
00:13:48,883 --> 00:13:51,193
You would identify with those because that's what

335
00:13:51,193 --> 00:13:53,025
you aspire to be because you had to

336
00:13:53,025 --> 00:13:54,618
make it to that rung on the ladder

337
00:13:54,618 --> 00:13:55,256
to continue.

338
00:13:56,230 --> 00:13:58,549
And so there's a lot of pressure originally

339
00:13:58,549 --> 00:14:00,230
getting into the business to make it to

340
00:14:00,230 --> 00:14:02,629
that first rung. And there's a clock ticking

341
00:14:02,629 --> 00:14:03,429
for you to do that.

342
00:14:04,562 --> 00:14:06,159
And when we looked at the folks that

343
00:14:06,159 --> 00:14:06,659
were

344
00:14:07,277 --> 00:14:09,272
successful, the business, I think was a lot

345
00:14:09,272 --> 00:14:12,759
different than. It involved listening to a research

346
00:14:12,879 --> 00:14:15,825
call in the morning, calling clients on individual

347
00:14:15,825 --> 00:14:16,781
stocks and bonds,

348
00:14:17,338 --> 00:14:19,648
maybe ventured a little bit into some hedge

349
00:14:19,648 --> 00:14:21,422
funds or some private equity

350
00:14:21,733 --> 00:14:23,987
But when it came to a state planning

351
00:14:24,125 --> 00:14:25,900
and tax and really

352
00:14:26,277 --> 00:14:29,519
getting your hands around the full financial picture

353
00:14:29,798 --> 00:14:32,581
those were kind of other people's responsibilities that

354
00:14:32,581 --> 00:14:35,125
didn't really fall into our bucket so to

355
00:14:35,125 --> 00:14:37,828
speak. And 25 years is a long time

356
00:14:37,828 --> 00:14:41,031
didn't happen overnight, but like the proverbial frog

357
00:14:41,031 --> 00:14:41,989
and the and the pot.

358
00:14:43,106 --> 00:14:46,539
Over time, you've shifted to where if you

359
00:14:46,539 --> 00:14:48,375
wanna have a seat at the table for

360
00:14:48,375 --> 00:14:50,707
client you have to be willing to do

361
00:14:50,707 --> 00:14:50,947
more.

362
00:14:51,906 --> 00:14:55,423
And that really evolved into being full circle

363
00:14:55,423 --> 00:14:58,080
as Russell said, anything that involves a dollar

364
00:14:58,715 --> 00:15:00,394
estate planning, helping with tax,

365
00:15:01,115 --> 00:15:03,915
talking about and thinking about decisions within private

366
00:15:03,915 --> 00:15:06,315
companies, dynamics with family members,

367
00:15:07,365 --> 00:15:09,912
generational wealth. You really get pulled into a

368
00:15:09,912 --> 00:15:13,254
lot more deeper discussions with clients. It's interesting

369
00:15:13,254 --> 00:15:15,762
to think what day 1 and the business

370
00:15:15,821 --> 00:15:17,896
would look like if I got in today

371
00:15:17,896 --> 00:15:19,572
it'd be very different than what it looked

372
00:15:19,572 --> 00:15:21,568
like 25 years ago. So I'd say there's

373
00:15:21,568 --> 00:15:22,925
been a lot of change.

374
00:15:23,576 --> 00:15:25,401
In the last 25 years. I wanted just

375
00:15:25,401 --> 00:15:27,384
ask you a follow question about that, Billy.

376
00:15:27,542 --> 00:15:30,319
So it became apparent that we wanted to

377
00:15:30,319 --> 00:15:32,723
do more for clients. And that's the whole

378
00:15:32,723 --> 00:15:35,200
notion of becoming the financial concierge, which is

379
00:15:35,200 --> 00:15:36,079
a term I love.

380
00:15:36,878 --> 00:15:40,007
Was the decision to eventually leave that the

381
00:15:40,007 --> 00:15:42,895
traditional space, U ups at the time. Because

382
00:15:43,191 --> 00:15:46,216
you wanted to do something you couldn't or

383
00:15:46,216 --> 00:15:47,331
you were at U ups,

384
00:15:47,904 --> 00:15:50,778
or more driven by frustrations you're feeling at

385
00:15:50,938 --> 00:15:53,732
U ups. I would say, just a har

386
00:15:53,732 --> 00:15:56,686
back to something Billy alluded to a second

387
00:15:56,686 --> 00:15:59,017
ago, and then move into your question a

388
00:15:59,017 --> 00:16:01,894
little bit. 25 years ago, the business was

389
00:16:01,894 --> 00:16:02,553
about a

390
00:16:02,932 --> 00:16:03,432
transaction

391
00:16:03,811 --> 00:16:04,610
for a client,

392
00:16:05,424 --> 00:16:08,221
today, the business is is maybe completely opposite.

393
00:16:08,460 --> 00:16:11,896
It's primarily fee based for most advisors in

394
00:16:11,896 --> 00:16:14,939
the high net space. It's primarily fee based

395
00:16:14,939 --> 00:16:17,109
and it's much more financial concierge.

396
00:16:17,642 --> 00:16:18,778
And I think that

397
00:16:19,232 --> 00:16:21,084
transition began to happen

398
00:16:21,632 --> 00:16:22,371
in the

399
00:16:22,744 --> 00:16:22,982
industry,

400
00:16:23,855 --> 00:16:24,911
Wall Street Firms

401
00:16:25,523 --> 00:16:28,619
recognized that as well. They are the smartest

402
00:16:28,619 --> 00:16:30,500
people in the room, they're cutting edge

403
00:16:30,859 --> 00:16:33,673
they're nobody's fool. They saw exactly

404
00:16:34,371 --> 00:16:37,004
how that was transitioning in the industry.

405
00:16:37,643 --> 00:16:40,690
What maybe they missed was the increasing rise

406
00:16:40,690 --> 00:16:41,589
of the R

407
00:16:41,966 --> 00:16:44,997
model, that may have happened somewhat on the

408
00:16:44,997 --> 00:16:48,586
stealth. But the idea that advisors were moving

409
00:16:48,586 --> 00:16:49,120
from the

410
00:16:49,716 --> 00:16:52,101
transaction of the day, the stock of the

411
00:16:52,101 --> 00:16:52,999
day trade

412
00:16:53,692 --> 00:16:55,464
into an environment where you're

413
00:16:56,077 --> 00:16:59,671
advising like a consultant like a financial Concierge.

414
00:17:00,069 --> 00:17:01,660
I don't think Wall Street missed that for

415
00:17:01,660 --> 00:17:03,728
a minute. And in fact, they began to

416
00:17:03,728 --> 00:17:04,944
do internal

417
00:17:05,557 --> 00:17:08,113
education Concierge as far back as 10 and

418
00:17:08,113 --> 00:17:11,366
12 and 15 years ago to encourage it

419
00:17:11,366 --> 00:17:13,587
more than that, even 15, 18 years ago

420
00:17:13,587 --> 00:17:14,484
to encourage

421
00:17:15,115 --> 00:17:18,174
advisors to begin to move into those places

422
00:17:18,634 --> 00:17:21,295
that could add more value than just a

423
00:17:21,595 --> 00:17:22,095
transaction

424
00:17:22,567 --> 00:17:24,634
stock trade on the screen, which really what

425
00:17:24,634 --> 00:17:26,781
the environment was when we started was much

426
00:17:26,781 --> 00:17:29,803
more of just a straight up transactional call

427
00:17:29,803 --> 00:17:31,473
to buy or sell a stock or a

428
00:17:31,473 --> 00:17:31,712
bond.

429
00:17:32,443 --> 00:17:35,155
Mindy, you asked about the transition from U

430
00:17:35,155 --> 00:17:39,062
b to beacon point. So U changed a

431
00:17:39,062 --> 00:17:41,295
lot in the 14 years that we're there.

432
00:17:41,947 --> 00:17:43,932
And I would say for the most part,

433
00:17:44,170 --> 00:17:46,076
all for the better, The high net worth

434
00:17:46,076 --> 00:17:49,173
platform was built out and was strengthened over

435
00:17:49,173 --> 00:17:50,783
the 4 teen years that we are there,

436
00:17:50,943 --> 00:17:52,301
and I would tell you our I experience

437
00:17:52,301 --> 00:17:53,420
there was fantastic.

438
00:17:54,059 --> 00:17:57,095
The managers that we had were there to

439
00:17:57,095 --> 00:17:59,735
help They did help. They did listen.

440
00:18:00,608 --> 00:18:04,048
And the platform when we left is an

441
00:18:04,104 --> 00:18:07,242
extremely strong robust platform more. They're a formidable

442
00:18:07,618 --> 00:18:10,167
competitor out there and they're good people and

443
00:18:10,167 --> 00:18:12,000
teams that work at that firm. So we

444
00:18:12,000 --> 00:18:14,788
left with nothing, but the utmost respect for

445
00:18:14,867 --> 00:18:15,367
U

446
00:18:15,998 --> 00:18:17,752
and I would say that it wasn't that

447
00:18:17,752 --> 00:18:19,905
we were running away from a problem.

448
00:18:20,384 --> 00:18:22,696
We were very happy at Dbs. We were

449
00:18:22,696 --> 00:18:24,232
running towards something

450
00:18:24,863 --> 00:18:26,691
versus running away. So if you were asking

451
00:18:26,691 --> 00:18:29,337
me, okay. Great, Billy. What were you running

452
00:18:29,394 --> 00:18:29,791
towards,

453
00:18:30,745 --> 00:18:33,169
we were running towards a your

454
00:18:33,625 --> 00:18:34,502
fiduciary model,

455
00:18:35,219 --> 00:18:37,451
and it wasn't that our clients were saying,

456
00:18:37,690 --> 00:18:39,125
hey, I want you a bit it be

457
00:18:39,125 --> 00:18:41,371
a fiduciary because they were clients they knew

458
00:18:41,371 --> 00:18:43,920
us, and we had great relationships with them.

459
00:18:44,637 --> 00:18:46,629
But Russell and I did find that when

460
00:18:46,629 --> 00:18:47,640
we would go and

461
00:18:48,155 --> 00:18:51,881
meet and interact with new prospective clients, the

462
00:18:51,881 --> 00:18:54,601
question would come up, are you all a

463
00:18:54,735 --> 00:18:55,052
fiduciary.

464
00:18:56,180 --> 00:18:58,750
And we wanted to have a hard

465
00:18:59,126 --> 00:19:02,310
answer to that. Yes, our entire firm as

466
00:19:02,310 --> 00:19:03,447
a fiduciary

467
00:19:03,839 --> 00:19:05,837
and it seems like that question is coming

468
00:19:05,837 --> 00:19:07,456
up more and more. So

469
00:19:07,914 --> 00:19:08,154
again,

470
00:19:08,873 --> 00:19:10,951
Gb is a fantastic place. I have a

471
00:19:10,951 --> 00:19:13,277
lot of friends there. The the the people

472
00:19:13,277 --> 00:19:15,499
that ran the division. I can still consider

473
00:19:15,499 --> 00:19:18,673
friends and have nothing negative to say, we

474
00:19:18,673 --> 00:19:20,419
just felt like we wanted to go on

475
00:19:20,419 --> 00:19:23,060
a different direction and pursue the fiduciary model.

476
00:19:23,379 --> 00:19:25,689
Love that, Billy. I thank you for sharing

477
00:19:25,689 --> 00:19:27,521
that because the truth of the matter is,

478
00:19:27,920 --> 00:19:31,204
I think that the very best and most

479
00:19:31,204 --> 00:19:34,325
successful advisers. Move not because they're running from

480
00:19:34,325 --> 00:19:37,444
something. There's almost always some frustrations or things

481
00:19:37,444 --> 00:19:39,299
you might like to better But for the

482
00:19:39,299 --> 00:19:41,159
most part, the best advisers

483
00:19:41,619 --> 00:19:43,639
are looking at things opportunistic.

484
00:19:44,099 --> 00:19:46,339
They're not running towards something, and they're not

485
00:19:46,339 --> 00:19:48,672
running away from something. And the other thing

486
00:19:48,751 --> 00:19:50,585
I think that's really interesting what you said

487
00:19:50,585 --> 00:19:53,455
is that in the last, say, 10 to

488
00:19:53,455 --> 00:19:54,093
15 years,

489
00:19:54,652 --> 00:19:55,869
the term

490
00:19:56,326 --> 00:19:59,776
fiduciary. Went from being the fiduciary standard went

491
00:19:59,776 --> 00:20:01,854
from being something that only those in the

492
00:20:01,854 --> 00:20:04,111
wealth management who worked in the wealth management

493
00:20:04,411 --> 00:20:07,299
industry new. It wasn't really a mainstream term.

494
00:20:07,699 --> 00:20:09,295
The average American,

495
00:20:09,773 --> 00:20:12,407
we all assume that our advisers were acting

496
00:20:12,407 --> 00:20:15,210
as fiduciary. And it wasn't I think until

497
00:20:15,210 --> 00:20:17,915
the financial crisis in o 8, that term

498
00:20:17,915 --> 00:20:20,245
became more more mainstream. So

499
00:20:20,874 --> 00:20:22,393
tell me a little bit about that? What

500
00:20:22,393 --> 00:20:24,630
were you hearing from clients? What did they

501
00:20:24,630 --> 00:20:28,066
know of your not being a fiduciary of

502
00:20:28,225 --> 00:20:30,706
U b? And what were they looking for

503
00:20:30,706 --> 00:20:33,349
when demanding or asking if you were 1

504
00:20:33,484 --> 00:20:33,723
now?

505
00:20:34,358 --> 00:20:36,819
Mindy, I think it can be summed up

506
00:20:36,819 --> 00:20:39,772
in maybe something that is gonna seem too

507
00:20:39,772 --> 00:20:40,090
simple.

508
00:20:40,725 --> 00:20:42,790
I think if you went to Google and

509
00:20:42,790 --> 00:20:46,070
typed in, how should I hire a financial

510
00:20:46,126 --> 00:20:49,161
advisor or what kind of financial advisers should

511
00:20:49,320 --> 00:20:51,150
I hire? What should I consider?

512
00:20:51,866 --> 00:20:54,912
I think you'll find that a plethora of

513
00:20:55,049 --> 00:20:57,211
email sites will come up saying, you need

514
00:20:57,211 --> 00:21:00,013
to hire a fiduciary. Someone who is bound

515
00:21:00,943 --> 00:21:04,221
to put the client interest above the firm

516
00:21:04,277 --> 00:21:05,627
above themselves, etcetera.

517
00:21:06,198 --> 00:21:08,748
I don't think that really existed 20 years

518
00:21:08,748 --> 00:21:10,580
ago that you could well the Internet may

519
00:21:10,580 --> 00:21:12,731
not have been exactly the same, but you

520
00:21:12,731 --> 00:21:14,882
really wouldn't have gotten that answer. I think

521
00:21:14,882 --> 00:21:16,568
you're right that coming out of 0 8,

522
00:21:16,965 --> 00:21:20,222
this concept of Fiduciary became more important. But

523
00:21:20,222 --> 00:21:22,288
as the Internet began to pick that up

524
00:21:22,288 --> 00:21:26,040
and more fiduciary independent R firms, as I

525
00:21:26,040 --> 00:21:29,563
mentioned earlier, the rise that almost stealth rise

526
00:21:29,619 --> 00:21:31,074
of this R

527
00:21:31,688 --> 00:21:33,143
ecosystem took off

528
00:21:33,692 --> 00:21:36,320
I think the concept that these people are

529
00:21:36,320 --> 00:21:39,586
held to a standard that parts mind you

530
00:21:39,586 --> 00:21:41,577
of Wall Street are held to, but not

531
00:21:41,577 --> 00:21:42,077
all

532
00:21:42,469 --> 00:21:45,126
And so I think that became

533
00:21:45,665 --> 00:21:46,165
almost

534
00:21:46,544 --> 00:21:50,872
ingrained in people's minds that if that's the

535
00:21:50,872 --> 00:21:52,944
gold ring, but the top of the heap

536
00:21:52,944 --> 00:21:55,414
that I've hired of the fiduciary, and that

537
00:21:55,414 --> 00:21:57,566
gives me the greatest sense of comfort,

538
00:21:58,220 --> 00:22:00,539
and the greatest sense of trust that my

539
00:22:00,539 --> 00:22:02,379
advisers on the same side of the table

540
00:22:02,379 --> 00:22:03,019
as I am,

541
00:22:03,740 --> 00:22:06,059
that, I think has become more and more

542
00:22:06,059 --> 00:22:06,559
ingrained

543
00:22:06,953 --> 00:22:09,737
in not only wealthy families, but anybody looking

544
00:22:09,737 --> 00:22:12,203
for a financial adviser that opens the Internet

545
00:22:12,203 --> 00:22:13,769
and says, how do Hire 1

546
00:22:14,285 --> 00:22:16,268
I think that's just become sort of second

547
00:22:16,268 --> 00:22:18,093
nature, And billy and I began to hear

548
00:22:18,093 --> 00:22:18,989
that question

549
00:22:19,362 --> 00:22:21,662
over the last 10 years more and more.

550
00:22:22,233 --> 00:22:24,140
And you'd have to be really dense not

551
00:22:24,140 --> 00:22:26,286
to go. Wow. This is... There... There's a

552
00:22:26,286 --> 00:22:29,068
change of foot, and we better pay attention

553
00:22:29,068 --> 00:22:29,306
to it,

554
00:22:36,578 --> 00:22:38,413
Let me ask you a question. Did you

555
00:22:38,413 --> 00:22:40,663
not think of yourself office to do Sherry

556
00:22:40,823 --> 00:22:43,141
Wall at U b or at Goldman Sachs

557
00:22:43,141 --> 00:22:45,219
or at Morgan Stanley. So that's what's curious

558
00:22:45,219 --> 00:22:46,737
to me. I ask this question a lot,

559
00:22:46,897 --> 00:22:48,975
and I'd be curious what your answer is.

560
00:22:49,214 --> 00:22:51,697
Office that right, as long as you are

561
00:22:51,697 --> 00:22:54,164
an additional brokerage firm, you are held to

562
00:22:54,164 --> 00:22:56,870
the suit ability standard, not the fiduciary standard.

563
00:22:57,282 --> 00:23:00,081
But I haven't met too many successful advisors

564
00:23:00,136 --> 00:23:02,594
that didn't think of themselves as fiduciary. They

565
00:23:02,594 --> 00:23:05,149
would always have put their clients interests. Ahead

566
00:23:05,149 --> 00:23:07,946
of their own. They would always have wanted

567
00:23:07,946 --> 00:23:10,663
to do right by their clients. So how

568
00:23:10,663 --> 00:23:11,862
much of a difference?

569
00:23:12,341 --> 00:23:13,880
Does it actually make

570
00:23:14,272 --> 00:23:17,607
truly being a fiduciary and thinking of yourself

571
00:23:17,607 --> 00:23:18,004
as 1.

572
00:23:18,798 --> 00:23:21,895
That's a really good question, Mindy. I guess

573
00:23:21,895 --> 00:23:23,189
how I would respond

574
00:23:23,578 --> 00:23:26,124
is that when we called clients and told

575
00:23:26,124 --> 00:23:28,590
them about the move and the fiduciary most

576
00:23:28,590 --> 00:23:29,090
clients

577
00:23:29,704 --> 00:23:32,171
responded with... I thought you were a fiduciary.

578
00:23:33,220 --> 00:23:35,551
Yeah. The second thing that I would say

579
00:23:35,608 --> 00:23:37,359
when we brought our clients over,

580
00:23:37,996 --> 00:23:39,928
we brought all strategies over

581
00:23:40,319 --> 00:23:43,426
same strategy, same fee, same structure, same everything.

582
00:23:43,665 --> 00:23:45,737
Did not have to change anything about how

583
00:23:45,737 --> 00:23:48,526
we function as a team. Now, obviously, we

584
00:23:48,526 --> 00:23:50,611
had different systems and different things that we

585
00:23:50,611 --> 00:23:53,868
had to kinda mold our operational efficiency into.

586
00:23:54,106 --> 00:23:55,537
So we had to change how we do

587
00:23:55,537 --> 00:23:57,761
things, but we were essentially the way we

588
00:23:57,761 --> 00:23:58,769
like to think about it

589
00:23:59,285 --> 00:24:03,117
running a fiduciary business inside of a wire

590
00:24:03,251 --> 00:24:05,789
or a Wall Street firm. So yes, we

591
00:24:05,789 --> 00:24:06,954
couldn't call ourselves,

592
00:24:08,032 --> 00:24:10,426
but we were working with and engaging with

593
00:24:10,426 --> 00:24:11,862
clients as if we were.

594
00:24:12,501 --> 00:24:15,076
And that's why I said, really it wouldn't

595
00:24:15,389 --> 00:24:18,505
that important for existing clients because they knew

596
00:24:18,505 --> 00:24:18,745
us.

597
00:24:19,384 --> 00:24:21,621
But I think it is important because as

598
00:24:21,781 --> 00:24:24,269
Russell said, if you're talking with the new

599
00:24:24,269 --> 00:24:27,535
family. They probably are looking at some point

600
00:24:27,535 --> 00:24:29,527
on the Internet. What should I consider when

601
00:24:29,606 --> 00:24:31,916
I'm hiring a new financial adviser, and that

602
00:24:31,916 --> 00:24:34,084
is you know, number 1 or number 2

603
00:24:34,084 --> 00:24:37,992
things to consider, and it was clear that

604
00:24:37,992 --> 00:24:40,465
that's something that was in people's minds. And

605
00:24:40,465 --> 00:24:43,034
so the questions really came up from a

606
00:24:43,034 --> 00:24:46,070
prospecting standpoint, we felt like we needed to

607
00:24:46,070 --> 00:24:47,988
be with the firm that was, you know,

608
00:24:48,468 --> 00:24:50,945
fiduciary top to bottom. Now if we had

609
00:24:50,945 --> 00:24:53,894
this call in 5 years, and you asked

610
00:24:53,894 --> 00:24:55,559
me, hey, what are some of the difference

611
00:24:55,559 --> 00:24:57,327
that you see whether it's culturally

612
00:24:57,699 --> 00:24:58,199
platform

613
00:24:59,064 --> 00:25:01,301
being at a fiduciary versus being at a

614
00:25:01,301 --> 00:25:01,701
wire.

615
00:25:02,180 --> 00:25:04,098
I probably had have a better answer for

616
00:25:04,098 --> 00:25:04,578
you then,

617
00:25:05,457 --> 00:25:07,055
but we felt, you know, we already had

618
00:25:07,055 --> 00:25:09,384
a sherry business and it made sense to

619
00:25:09,384 --> 00:25:11,459
align ourselves with a firm that was up

620
00:25:11,459 --> 00:25:13,693
fiduciary top bottom it. So in the time

621
00:25:13,693 --> 00:25:15,785
in your tenure, let's look at just U

622
00:25:15,785 --> 00:25:17,785
ups. The last place you were the 14

623
00:25:17,785 --> 00:25:20,105
years. Were there ever things that you couldn't

624
00:25:20,105 --> 00:25:22,424
do for clients that you wanted to do,

625
00:25:22,744 --> 00:25:25,715
like you mentioned tax planning? But you can't

626
00:25:25,715 --> 00:25:27,788
give tax advice as long as you work

627
00:25:27,788 --> 00:25:30,498
for a warehouse firm. But you say that

628
00:25:30,498 --> 00:25:32,034
the platform was

629
00:25:32,411 --> 00:25:34,580
outstanding, and it was a great experience, which

630
00:25:34,580 --> 00:25:35,457
is amazing.

631
00:25:36,015 --> 00:25:38,408
So were there any things you were not

632
00:25:38,408 --> 00:25:41,301
able to do or it was really truly

633
00:25:41,359 --> 00:25:43,289
just about wanting to become a to do

634
00:25:43,289 --> 00:25:46,805
fiduciary. Yeah. Mindy. Really think if you peel

635
00:25:46,805 --> 00:25:49,521
the onion completely, there was something we could

636
00:25:49,521 --> 00:25:50,160
not do.

637
00:25:50,894 --> 00:25:53,606
At U b that we can do at

638
00:25:53,606 --> 00:25:56,637
beacon point. Now, there are nuances. The mouse

639
00:25:56,637 --> 00:25:58,311
traps are set up a little different the

640
00:25:58,311 --> 00:26:00,066
way the systems are built are a little

641
00:26:00,066 --> 00:26:00,385
different,

642
00:26:01,119 --> 00:26:02,877
But I would say to you that the

643
00:26:02,877 --> 00:26:05,114
big Wall Street firms are who they are

644
00:26:05,114 --> 00:26:07,931
for a reason. That they've owned wealth management

645
00:26:08,150 --> 00:26:08,650
for

646
00:26:09,363 --> 00:26:12,635
50 75 years, and since the existence of

647
00:26:12,635 --> 00:26:15,908
the business itself, they've owned that space, and

648
00:26:15,908 --> 00:26:18,078
it's only been in the last 10 to

649
00:26:18,078 --> 00:26:20,791
15 years that you've seen the rise of

650
00:26:20,791 --> 00:26:23,744
schwab and the independent R a's and the

651
00:26:23,744 --> 00:26:24,244
custodian

652
00:26:24,702 --> 00:26:25,601
that now

653
00:26:25,914 --> 00:26:28,861
are amazingly even larger than some of the

654
00:26:29,020 --> 00:26:31,809
Wall Street firms as on an individual basis.

655
00:26:32,446 --> 00:26:34,278
Look, I I think Billy and I would

656
00:26:34,278 --> 00:26:35,097
not be

657
00:26:35,728 --> 00:26:38,701
answering the question accurately if we told you

658
00:26:39,159 --> 00:26:41,871
that if we had some sense that Wall

659
00:26:42,111 --> 00:26:42,565
Street

660
00:26:42,923 --> 00:26:45,710
doesn't analyze this industry and know exactly where

661
00:26:45,710 --> 00:26:47,861
they wanna be. Let's face it. You've got

662
00:26:47,861 --> 00:26:50,887
some of the most forward thinking, thoughtful, smartest

663
00:26:50,887 --> 00:26:51,206
people.

664
00:26:51,699 --> 00:26:54,031
That have been in the industry in businesses

665
00:26:54,168 --> 00:26:56,159
that have existed for over a hundred years,

666
00:26:56,796 --> 00:26:58,173
they know the space

667
00:26:59,027 --> 00:26:59,527
just

668
00:26:59,982 --> 00:27:00,540
inside and out.

669
00:27:01,270 --> 00:27:03,969
But I do think that the size of

670
00:27:04,048 --> 00:27:05,659
Wall Street in those firms

671
00:27:06,588 --> 00:27:07,088
preclude

672
00:27:07,540 --> 00:27:10,757
some functionality and some kind of grassroots

673
00:27:11,134 --> 00:27:11,634
capability

674
00:27:12,012 --> 00:27:14,085
and for billion ought to have some influence

675
00:27:14,085 --> 00:27:15,760
on the direction of the firms.

676
00:27:16,318 --> 00:27:19,762
And the size of the institution just doesn't

677
00:27:19,762 --> 00:27:21,299
allow for that kind of flexibility

678
00:27:21,916 --> 00:27:24,867
and influence. And so I would say we

679
00:27:24,867 --> 00:27:25,367
left

680
00:27:25,824 --> 00:27:29,348
to fully en wrap ourselves as series. But

681
00:27:29,428 --> 00:27:31,100
I don't think I'd look and say there

682
00:27:31,100 --> 00:27:31,759
was something

683
00:27:32,135 --> 00:27:34,364
I can't do it... Or couldn't do at

684
00:27:34,523 --> 00:27:36,594
Goldman or U b that I can do

685
00:27:36,594 --> 00:27:39,319
at Beacon point. It's just a function of

686
00:27:39,319 --> 00:27:40,936
real ease and

687
00:27:41,313 --> 00:27:41,813
simplicity

688
00:27:42,350 --> 00:27:42,850
and

689
00:27:43,387 --> 00:27:45,859
setting our course for our business as a

690
00:27:45,859 --> 00:27:47,215
fiduciary that attracted us.

691
00:27:48,027 --> 00:27:50,895
Outside of Wall Street. I would add and

692
00:27:50,895 --> 00:27:54,103
say this, U b is a multi billion

693
00:27:54,161 --> 00:27:55,457
dollar global

694
00:27:56,152 --> 00:27:58,343
financial firm with the fantastic

695
00:27:58,803 --> 00:28:02,319
reputation and an extremely long history. The firm

696
00:28:02,319 --> 00:28:04,317
does a lot of different things. And when

697
00:28:04,317 --> 00:28:06,096
you're attached to wealth management,

698
00:28:06,809 --> 00:28:09,783
you don't necessarily tap in to all

699
00:28:10,480 --> 00:28:10,980
the

700
00:28:11,598 --> 00:28:15,244
expertise and different line items that a large

701
00:28:15,444 --> 00:28:16,164
global bank like

702
00:28:16,805 --> 00:28:17,045
Does.

703
00:28:17,765 --> 00:28:19,605
But the 14 years that we are there,

704
00:28:19,765 --> 00:28:22,744
they did a fantastic job building out

705
00:28:23,299 --> 00:28:25,616
a high net worth the vision that would

706
00:28:25,616 --> 00:28:28,353
give us the tools to handle the complex

707
00:28:28,492 --> 00:28:29,450
needs for clients.

708
00:28:30,424 --> 00:28:33,404
The challenge was not... We went to a

709
00:28:33,705 --> 00:28:35,945
independent firm to do things that we couldn't

710
00:28:35,945 --> 00:28:38,605
do at U b. The challenge

711
00:28:39,719 --> 00:28:42,748
was how do we find a fiduciary firm

712
00:28:42,748 --> 00:28:45,060
that will let us do everything that we

713
00:28:45,060 --> 00:28:47,292
did at U b? That was the challenge.

714
00:28:47,611 --> 00:28:49,932
Wait. Well, so that's my next question.

715
00:28:50,488 --> 00:28:53,667
It sounds like for you, it was independence

716
00:28:53,667 --> 00:28:56,529
or bust because the only way for you

717
00:28:56,529 --> 00:28:59,500
to be at true fiduciary was to join

718
00:28:59,500 --> 00:29:00,619
the R space.

719
00:29:01,259 --> 00:29:03,919
So at 1 point, how long

720
00:29:04,299 --> 00:29:04,799
into

721
00:29:05,113 --> 00:29:07,424
your tenure at U ups, did you begin

722
00:29:07,424 --> 00:29:07,924
to

723
00:29:08,380 --> 00:29:09,177
get curious?

724
00:29:09,575 --> 00:29:12,444
And how did you go about getting educated

725
00:29:12,444 --> 00:29:15,802
on all the different ways to enter the

726
00:29:15,882 --> 00:29:18,345
R space. Mindy, that's a really good question.

727
00:29:18,663 --> 00:29:22,023
I would say that the full process of

728
00:29:22,654 --> 00:29:24,652
rough and I look at each other in

729
00:29:24,652 --> 00:29:27,208
making the decision. We need to be at

730
00:29:27,208 --> 00:29:28,667
a fiduciary firm

731
00:29:29,046 --> 00:29:30,977
to the time that we showed up at

732
00:29:30,977 --> 00:29:32,729
beacon point was about 2 years.

733
00:29:33,685 --> 00:29:36,393
And I don't think it necessarily takes that

734
00:29:36,393 --> 00:29:38,384
long. That's just how long it took us

735
00:29:38,384 --> 00:29:40,633
to figure out the right place, so we

736
00:29:40,633 --> 00:29:42,951
explored starting our own firm for a good

737
00:29:42,951 --> 00:29:46,148
bit, and we closed the door on that

738
00:29:46,148 --> 00:29:49,000
after about a 9 month process reason being

739
00:29:49,356 --> 00:29:52,634
Russell and I really enjoy working with clients

740
00:29:53,007 --> 00:29:54,832
and with 6 people if we started our

741
00:29:54,832 --> 00:29:57,134
own firm, 1 of the 2 of us

742
00:29:57,134 --> 00:29:59,323
would have to shift our responsibilities

743
00:29:59,702 --> 00:30:01,002
to running a firm

744
00:30:01,461 --> 00:30:03,618
and not working with clients. And that didn't

745
00:30:03,618 --> 00:30:06,176
really found appealing because we really enjoy doing

746
00:30:06,176 --> 00:30:08,503
what we're doing. So we shut the door

747
00:30:08,503 --> 00:30:10,573
on that and then started exploring,

748
00:30:11,210 --> 00:30:13,756
joining the firm, but like I mentioned, the

749
00:30:13,756 --> 00:30:17,204
challenge was with However, many independent firms out

750
00:30:17,204 --> 00:30:19,524
there that we could probably join with, how

751
00:30:19,524 --> 00:30:20,904
do you find a firm

752
00:30:21,524 --> 00:30:22,984
that's got the platform

753
00:30:24,018 --> 00:30:27,127
that can address and have a good depth

754
00:30:27,127 --> 00:30:28,961
in the areas that we need.

755
00:30:29,678 --> 00:30:32,092
And would eventually led us to

756
00:30:32,483 --> 00:30:35,426
beacon point. And when we are looking, we

757
00:30:35,426 --> 00:30:37,574
made an outgoing call to Beacon point,

758
00:30:38,131 --> 00:30:41,355
they had built up a pretty strong platform

759
00:30:41,493 --> 00:30:43,987
that allowed us to step in and literally

760
00:30:44,045 --> 00:30:46,438
do everything that we need to do and

761
00:30:46,438 --> 00:30:48,352
clients want us to do that they've got

762
00:30:48,352 --> 00:30:51,958
accustomed to at U b. Mh. So you

763
00:30:51,958 --> 00:30:54,352
bring up a very good point that that

764
00:30:54,352 --> 00:30:56,847
sort of the 2 subsets or the 2

765
00:30:57,066 --> 00:30:59,712
ways to enter the R space. 1 is

766
00:30:59,712 --> 00:31:01,865
to build your own, you looked into it.

767
00:31:02,263 --> 00:31:06,111
You are right. It is the heaviest lift

768
00:31:06,501 --> 00:31:07,001
large

769
00:31:07,373 --> 00:31:10,544
ecosystem born to support the breakaway adviser.

770
00:31:11,020 --> 00:31:14,369
It still means there's a heavy lift not

771
00:31:14,369 --> 00:31:16,766
only in building the firm, but running it

772
00:31:16,766 --> 00:31:19,722
over time. And so the second option is

773
00:31:19,722 --> 00:31:21,320
to join an established firm.

774
00:31:21,972 --> 00:31:24,198
The upside of that is not having to

775
00:31:24,198 --> 00:31:27,218
build something from scratch and leveraging a 20

776
00:31:27,218 --> 00:31:29,778
year history that's already been built out. The

777
00:31:29,778 --> 00:31:32,989
downside for some is the notion of

778
00:31:33,367 --> 00:31:35,998
not owning a hundred percent of the pie

779
00:31:35,998 --> 00:31:38,471
of giving up equity of giving

780
00:31:39,044 --> 00:31:41,601
name brand of all of that. So how

781
00:31:41,601 --> 00:31:44,797
did you reconcile that part? Mindy, it's interesting.

782
00:31:45,117 --> 00:31:46,576
Billy and I have always

783
00:31:47,525 --> 00:31:49,192
served at the pleasure of the king and

784
00:31:49,192 --> 00:31:51,414
queen of our clients, and we've always served

785
00:31:51,414 --> 00:31:53,637
at the pleasure of the firm that we've

786
00:31:53,637 --> 00:31:54,454
worked for

787
00:31:55,080 --> 00:31:57,223
I don't think honestly it ever crossed our

788
00:31:57,223 --> 00:31:57,540
mind.

789
00:31:58,255 --> 00:32:01,349
We didn't have this ego notion that we

790
00:32:01,349 --> 00:32:03,230
needed to have our name on the

791
00:32:03,745 --> 00:32:06,363
or we never branded our team inside of

792
00:32:06,521 --> 00:32:08,584
Goldman or U ups, which 1 of the

793
00:32:08,584 --> 00:32:10,963
things you asked earlier was how's the business

794
00:32:10,963 --> 00:32:13,375
changed. You see all these teams now have

795
00:32:13,375 --> 00:32:14,035
their own

796
00:32:14,494 --> 00:32:16,494
website and their own names. We just really

797
00:32:16,494 --> 00:32:19,134
never focused on that. We just focused on

798
00:32:19,134 --> 00:32:20,710
building the business. And so

799
00:32:21,146 --> 00:32:23,211
I don't think honestly, it ever crossed our

800
00:32:23,211 --> 00:32:23,711
mind

801
00:32:24,164 --> 00:32:26,252
that we needed to have our own

802
00:32:26,864 --> 00:32:29,984
name brand. I think we were delighted to

803
00:32:30,452 --> 00:32:33,313
fold in with a great group of equity

804
00:32:33,313 --> 00:32:33,711
partners,

805
00:32:34,346 --> 00:32:36,492
really like the people that was a huge

806
00:32:36,492 --> 00:32:37,708
part of the decision

807
00:32:38,096 --> 00:32:40,080
Matt Cooper and Billy and I spent a

808
00:32:40,080 --> 00:32:42,380
lot of time together. And then we got

809
00:32:42,380 --> 00:32:44,522
to spend time with Shannon Uc,

810
00:32:45,173 --> 00:32:47,798
And so those things made us feel great

811
00:32:47,798 --> 00:32:49,788
about all for 1 and 1 for all,

812
00:32:50,424 --> 00:32:52,971
not the billy Russell show. I don't think

813
00:32:52,971 --> 00:32:54,107
ever even

814
00:32:54,419 --> 00:32:57,136
really crossed our mind that we needed to

815
00:32:57,136 --> 00:32:59,213
have something with our name on the outside

816
00:32:59,213 --> 00:33:01,290
of the building. Yeah. And plenty of people

817
00:33:01,290 --> 00:33:02,845
do by the way. So

818
00:33:03,224 --> 00:33:06,505
in that particular instance those folks would not

819
00:33:06,505 --> 00:33:08,585
go in the same direction you did. But

820
00:33:08,585 --> 00:33:10,265
for you it worked. So let me ask

821
00:33:10,265 --> 00:33:12,596
you a couple of questions about that. As

822
00:33:12,596 --> 00:33:15,539
moving from Goldman to U b or with

823
00:33:15,539 --> 00:33:18,164
it from 1 traditional firm to another usually

824
00:33:18,164 --> 00:33:19,953
comes attached. To a significant

825
00:33:20,330 --> 00:33:23,382
transition package. How did you reconcile a rationalize

826
00:33:23,599 --> 00:33:25,991
joining a firm with a short term upside

827
00:33:25,991 --> 00:33:27,846
would be considerably less

828
00:33:28,238 --> 00:33:29,829
than what you could have gotten if you

829
00:33:29,829 --> 00:33:33,115
moved to a traditional firm. I think the

830
00:33:33,172 --> 00:33:36,354
wealth management business when Billy and I started,

831
00:33:36,434 --> 00:33:37,285
and I think

832
00:33:37,802 --> 00:33:40,749
even today, there's a number of young people

833
00:33:40,749 --> 00:33:42,205
that come and spend time

834
00:33:42,820 --> 00:33:45,209
talking with us occasionally saying how did you

835
00:33:45,209 --> 00:33:46,187
build your careers

836
00:33:46,498 --> 00:33:47,873
the entire business

837
00:33:48,725 --> 00:33:50,737
is driven by entrepreneurs.

838
00:33:51,191 --> 00:33:53,021
Now they may not think of themselves so

839
00:33:53,021 --> 00:33:55,419
much is entrepreneurs because you're working for Goldman

840
00:33:55,419 --> 00:33:57,563
or U ups from Morgan Stanley. You think

841
00:33:57,563 --> 00:33:59,493
you're taking a job with a big firm

842
00:33:59,866 --> 00:34:02,184
until you get to the seat and the

843
00:34:02,184 --> 00:34:04,644
office manager says there's the phone and and

844
00:34:04,644 --> 00:34:06,708
there's your spreadsheet of all the people you

845
00:34:06,708 --> 00:34:08,772
think you might wanna call on, go to

846
00:34:08,772 --> 00:34:11,022
work. And you've got 24 months to be

847
00:34:11,022 --> 00:34:12,619
self sustaining so get after it.

848
00:34:13,658 --> 00:34:15,835
You quickly realize this business,

849
00:34:16,547 --> 00:34:19,093
is long term in nature. The people that

850
00:34:19,093 --> 00:34:21,240
do the best have a very long term

851
00:34:21,240 --> 00:34:23,468
perspective on their career and they have a

852
00:34:23,468 --> 00:34:24,843
long term perspective

853
00:34:25,153 --> 00:34:27,722
at least in our opinion on their success

854
00:34:27,858 --> 00:34:29,630
that you build it over decades,

855
00:34:30,244 --> 00:34:31,597
not over a few years.

856
00:34:32,328 --> 00:34:34,559
And so I think it was very natural

857
00:34:34,559 --> 00:34:36,813
for billion I in the Beacon point

858
00:34:37,668 --> 00:34:38,168
transition

859
00:34:38,544 --> 00:34:40,953
to think about it. 1 more time in

860
00:34:40,953 --> 00:34:43,110
our career as a... We spent 14 years

861
00:34:43,110 --> 00:34:44,948
at U ups. It's not like we jump

862
00:34:44,948 --> 00:34:47,026
every 2 or 3 years as you can

863
00:34:47,026 --> 00:34:47,925
tell. So

864
00:34:48,318 --> 00:34:50,464
once we had really thought through that decision,

865
00:34:50,703 --> 00:34:52,849
pick the right firm, pick the right partners

866
00:34:52,849 --> 00:34:53,405
and people,

867
00:34:54,041 --> 00:34:54,541
and

868
00:34:54,995 --> 00:34:57,514
could become fiduciary, the idea that we would

869
00:34:57,634 --> 00:35:01,128
take a long term perspective on success with

870
00:35:01,128 --> 00:35:04,383
beacon point, honestly, was pretty natural because our

871
00:35:04,383 --> 00:35:05,201
whole career

872
00:35:05,749 --> 00:35:08,243
has been this very long term

873
00:35:08,860 --> 00:35:09,258
entrepreneurial,

874
00:35:09,896 --> 00:35:12,528
build it over decades and time, and and

875
00:35:12,528 --> 00:35:14,762
you will do well along with your clients

876
00:35:14,762 --> 00:35:18,040
doing well. So I think that actually is

877
00:35:18,040 --> 00:35:19,869
for the most part in our view a

878
00:35:19,869 --> 00:35:21,006
very natural

879
00:35:21,381 --> 00:35:22,415
success perspective.

880
00:35:23,068 --> 00:35:25,539
For wealth management people that are in the

881
00:35:25,539 --> 00:35:28,250
business generally for decades upon decades.

882
00:35:28,728 --> 00:35:30,982
Yeah. And I know that equity

883
00:35:31,293 --> 00:35:33,280
is a big part of the Beacon point

884
00:35:33,280 --> 00:35:33,518
deal.

885
00:35:34,154 --> 00:35:35,266
How did you think about that?

886
00:35:36,777 --> 00:35:39,717
Yeah. So Mindy, it's a growing firm.

887
00:35:40,289 --> 00:35:42,208
We like the people here. We like the

888
00:35:42,208 --> 00:35:44,206
people that we met, and it felt like

889
00:35:44,206 --> 00:35:47,162
the group that we attached ourselves to wanted

890
00:35:47,162 --> 00:35:49,560
to put clients first and grow the firm.

891
00:35:50,372 --> 00:35:53,790
We like the idea of being equity partners,

892
00:35:54,585 --> 00:35:57,048
and the only way our equity does well

893
00:35:57,048 --> 00:35:59,195
is if we do well by our client,

894
00:35:59,448 --> 00:36:01,592
because they're all at will. Right? If they

895
00:36:01,592 --> 00:36:03,577
decide they wanna do something else, they have

896
00:36:03,577 --> 00:36:06,037
the freedom to do so. And if we

897
00:36:06,037 --> 00:36:08,394
service our clients well and the firm service

898
00:36:08,515 --> 00:36:11,074
is clients well. It's gonna attract more clients

899
00:36:11,074 --> 00:36:13,074
and that would obviously be good for the

900
00:36:13,074 --> 00:36:15,894
equity. And we like the idea that our

901
00:36:16,034 --> 00:36:19,166
incentives in compensation are completely aligned in that

902
00:36:19,166 --> 00:36:22,762
regard. Love it. Matt Cooper was on this

903
00:36:22,762 --> 00:36:23,262
podcast

904
00:36:23,721 --> 00:36:26,525
along with a representative of of KKR,

905
00:36:26,921 --> 00:36:29,224
who backs speaking point. So maybe it's a

906
00:36:29,224 --> 00:36:31,050
good time now. Let's take a step backward

907
00:36:31,050 --> 00:36:32,740
and just in a couple sentences

908
00:36:33,209 --> 00:36:35,761
share us what the Beacon point value proposition

909
00:36:35,761 --> 00:36:39,590
is because to make a statement that you

910
00:36:39,590 --> 00:36:42,994
believe that the platform and the resources to

911
00:36:43,114 --> 00:36:45,369
serve your High net worth clients was really

912
00:36:45,427 --> 00:36:48,618
robust at U ups. And that Beacon points

913
00:36:48,618 --> 00:36:50,931
platform was able to allow you to do

914
00:36:50,931 --> 00:36:52,980
everything you needed to do and then some

915
00:36:53,417 --> 00:36:55,802
they must be doing something right. So tell

916
00:36:55,802 --> 00:36:57,552
us a little bit about that when if

917
00:36:57,552 --> 00:36:59,086
the k k backing

918
00:36:59,540 --> 00:37:02,817
impacted your decision at all. Yeah. Mindy. Beacon

919
00:37:02,817 --> 00:37:05,204
point is as you probably already know, really

920
00:37:05,204 --> 00:37:08,786
burst itself in the institutional space. That that

921
00:37:08,786 --> 00:37:10,479
was a heavy part of the background.

922
00:37:11,269 --> 00:37:12,010
And that

923
00:37:12,389 --> 00:37:15,369
institutional consulting world is is an extremely

924
00:37:16,389 --> 00:37:16,889
sophisticated

925
00:37:17,510 --> 00:37:18,010
and

926
00:37:18,722 --> 00:37:21,695
must be by nature product, heavy

927
00:37:22,790 --> 00:37:25,581
development because you've gotta have every section of

928
00:37:25,581 --> 00:37:27,756
the institutional consulting world

929
00:37:28,148 --> 00:37:30,936
mapped out with managers and private equity and

930
00:37:30,936 --> 00:37:34,462
alternatives and all different types of independent

931
00:37:34,918 --> 00:37:37,797
managers around the country. And my managers I'm

932
00:37:37,797 --> 00:37:39,941
referring to that you bring to your clients

933
00:37:39,941 --> 00:37:40,815
as the consultant.

934
00:37:41,371 --> 00:37:44,547
So I think Beacon point already had a

935
00:37:44,547 --> 00:37:47,985
very deep history in the institutional world that

936
00:37:47,985 --> 00:37:50,457
they then brought to bear on the wealth

937
00:37:50,457 --> 00:37:54,525
management world that has obviously grown pretty dramatically

938
00:37:54,525 --> 00:37:56,120
over the last 22 years.

939
00:37:57,011 --> 00:37:59,478
As the schwab and the fidelity and the

940
00:37:59,478 --> 00:38:02,582
other big custodian of the world and asset

941
00:38:02,582 --> 00:38:04,810
managers of the world have become so much

942
00:38:04,810 --> 00:38:05,867
more prolific

943
00:38:06,257 --> 00:38:08,563
in the last 15 years, 20 years, So

944
00:38:08,563 --> 00:38:12,083
as Beacon point, Michael Dow running the investment

945
00:38:12,140 --> 00:38:15,263
team, we we have a full fledged

946
00:38:15,890 --> 00:38:17,978
Wall Street and more offering

947
00:38:18,430 --> 00:38:20,438
to include even more grassroots

948
00:38:20,811 --> 00:38:24,246
investments that maybe Wall Street, typically wouldn't dip

949
00:38:24,246 --> 00:38:26,798
down into as much. I think that was

950
00:38:26,798 --> 00:38:30,089
just really born because the firm was so

951
00:38:30,307 --> 00:38:33,534
institutional by nature early on, very sophisticated catered

952
00:38:33,594 --> 00:38:36,150
and then developed wealth management over the last

953
00:38:36,150 --> 00:38:39,846
20 years that made us feel extremely comfortable

954
00:38:40,319 --> 00:38:42,317
about the platform and the systems and the

955
00:38:42,317 --> 00:38:42,817
capability

956
00:38:43,355 --> 00:38:45,033
that the beacon point has.

957
00:38:45,832 --> 00:38:48,565
And tell me about the K backing. Did

958
00:38:48,565 --> 00:38:50,325
that enter your thought process at all?

959
00:38:50,965 --> 00:38:53,065
When you've got a bunch of different firms

960
00:38:54,085 --> 00:38:56,885
that you might engage with. So, Mindy I...

961
00:38:57,379 --> 00:38:58,278
Leaving a warehouse

962
00:38:58,656 --> 00:39:01,232
Russell and I. We're concerned that maybe

963
00:39:01,690 --> 00:39:03,447
the firm at large would hear that we're

964
00:39:03,447 --> 00:39:05,942
looking around, and it it could be detrimental

965
00:39:06,241 --> 00:39:07,772
to our careers, although,

966
00:39:08,411 --> 00:39:10,087
I, I think the folks over there at

967
00:39:10,326 --> 00:39:11,603
B are well intention,

968
00:39:12,561 --> 00:39:14,476
and we were good friends with everybody, but

969
00:39:14,476 --> 00:39:15,927
you're concerned about the that Right? You don't

970
00:39:15,927 --> 00:39:18,639
go necessarily announce to everybody that may be

971
00:39:18,639 --> 00:39:21,192
changing firms. And so you gotta be very

972
00:39:21,192 --> 00:39:24,302
careful about how you engage and dialogue with

973
00:39:24,302 --> 00:39:24,940
different firms.

974
00:39:25,911 --> 00:39:28,456
You know, the fact that there are 20000

975
00:39:28,456 --> 00:39:31,002
plus different firms out there of various size

976
00:39:31,002 --> 00:39:34,121
across the country a smaller subset that are

977
00:39:34,121 --> 00:39:36,512
coast to coast and and larger and even

978
00:39:36,512 --> 00:39:37,967
a smaller subset

979
00:39:38,423 --> 00:39:38,923
still

980
00:39:39,634 --> 00:39:43,070
that have the resources in the infrastructure that

981
00:39:43,070 --> 00:39:45,466
would match what we utilized on a daily

982
00:39:45,466 --> 00:39:46,505
basis at U.

983
00:39:47,159 --> 00:39:49,239
The fact that they partnered with the firm,

984
00:39:49,319 --> 00:39:49,819
like

985
00:39:50,119 --> 00:39:51,880
s history like KKR,

986
00:39:52,440 --> 00:39:53,559
and KKR

987
00:39:53,559 --> 00:39:57,239
partnered with beacon point with the same equity

988
00:39:57,239 --> 00:39:59,861
class as all partners. It's not a different

989
00:39:59,861 --> 00:40:02,483
equity class with super voting shares or pick

990
00:40:02,483 --> 00:40:03,539
shares or

991
00:40:04,244 --> 00:40:06,963
financial hurdles that could back to a larger

992
00:40:07,176 --> 00:40:09,894
ownership and the overall company. They're a minority

993
00:40:10,028 --> 00:40:10,528
shareholder

994
00:40:11,553 --> 00:40:13,628
equity partner in the firm, which gave me

995
00:40:13,628 --> 00:40:15,942
a lot of confidence that a large private

996
00:40:15,942 --> 00:40:16,682
equity firm

997
00:40:17,059 --> 00:40:17,559
felt

998
00:40:18,177 --> 00:40:19,110
good enough

999
00:40:19,469 --> 00:40:21,546
in the platform and the people that we're

1000
00:40:21,546 --> 00:40:23,644
here to put themselves

1001
00:40:24,023 --> 00:40:26,020
in the capital stack in that fashion.

1002
00:40:26,672 --> 00:40:29,142
And that said a lot of. Yes.

1003
00:40:29,938 --> 00:40:32,510
Okay. Let's talk a little bit about the

1004
00:40:32,727 --> 00:40:32,886
transition.

1005
00:40:33,537 --> 00:40:34,037
So

1006
00:40:34,488 --> 00:40:35,384
was it difficult?

1007
00:40:35,756 --> 00:40:39,030
Like, who supported it? How did your clients

1008
00:40:39,244 --> 00:40:42,918
respond, what went particularly write anything that went

1009
00:40:42,918 --> 00:40:44,593
wrong. Tell us a little bit about that.

1010
00:40:45,470 --> 00:40:48,661
Mindy, great question. Every adviser that may listen

1011
00:40:48,661 --> 00:40:50,256
to this is gonna feel our pain.

1012
00:40:50,988 --> 00:40:53,692
Whether you're moving from Morgan Stanley to Goldman

1013
00:40:53,692 --> 00:40:55,601
or Goldman to U b or U b

1014
00:40:55,601 --> 00:40:57,192
to beacon point or anybody else.

1015
00:40:58,404 --> 00:41:01,780
That 1 year period of transition is

1016
00:41:02,320 --> 00:41:02,820
extremely

1017
00:41:03,199 --> 00:41:03,678
difficult.

1018
00:41:04,397 --> 00:41:06,575
First off, you you have to be

1019
00:41:07,686 --> 00:41:10,898
impeccable at following every legal rule

1020
00:41:11,435 --> 00:41:13,828
that that there is because you you just

1021
00:41:13,828 --> 00:41:15,742
can't afford to ruin your career with a

1022
00:41:15,742 --> 00:41:16,460
silly mistake.

1023
00:41:17,192 --> 00:41:19,520
And then you've got to be incredibly

1024
00:41:20,213 --> 00:41:22,439
confident that when you sit down with your

1025
00:41:22,439 --> 00:41:24,506
clients who you've not talked to about this,

1026
00:41:24,744 --> 00:41:26,389
and then you do talk to

1027
00:41:26,748 --> 00:41:29,300
about this that you think they're gonna have

1028
00:41:29,300 --> 00:41:32,172
a positive reaction. Otherwise, the entire deal can

1029
00:41:32,172 --> 00:41:33,847
fall apart and so can your career.

1030
00:41:34,405 --> 00:41:36,022
So from a stress standpoint,

1031
00:41:36,652 --> 00:41:38,027
from a legal standpoint

1032
00:41:38,639 --> 00:41:39,536
from a

1033
00:41:40,307 --> 00:41:41,920
conversation with client standpoint.

1034
00:41:42,373 --> 00:41:44,757
And then finally, Mindy, you've got to go

1035
00:41:44,757 --> 00:41:46,680
to your significant other spouse,

1036
00:41:47,236 --> 00:41:48,111
kids and say,

1037
00:41:48,985 --> 00:41:51,132
guys, look... You're probably not gonna see me

1038
00:41:51,132 --> 00:41:52,882
for the better part of 12 months here.

1039
00:41:53,614 --> 00:41:56,091
Because this is gonna take weekends and nights

1040
00:41:56,091 --> 00:41:58,888
and early mornings and travel and I'm gonna

1041
00:41:58,888 --> 00:42:02,575
make platinum executive Platinum on American and etcetera,

1042
00:42:02,813 --> 00:42:05,059
etcetera. That that is the reality

1043
00:42:05,750 --> 00:42:06,805
of a successful

1044
00:42:07,178 --> 00:42:09,345
transition. It is a full on commitment

1045
00:42:09,891 --> 00:42:12,744
for that, let's just call it approximately a

1046
00:42:12,744 --> 00:42:13,458
year period,

1047
00:42:14,012 --> 00:42:16,414
even though we had not transitioned in 14

1048
00:42:16,469 --> 00:42:16,628
years,

1049
00:42:17,518 --> 00:42:19,034
But we had done it a couple of

1050
00:42:19,034 --> 00:42:21,428
times before billy I were in no lies

1051
00:42:21,428 --> 00:42:23,902
in the dark, about how hard that was

1052
00:42:23,902 --> 00:42:24,380
gonna be.

1053
00:42:25,195 --> 00:42:27,434
And I I think the that maybe the

1054
00:42:27,434 --> 00:42:29,934
the fourth or or fifth if I can

1055
00:42:30,074 --> 00:42:32,235
component of a transition that's always tricky.

1056
00:42:32,808 --> 00:42:35,119
Again, whether it's to Morgan or U b

1057
00:42:35,119 --> 00:42:36,314
or wherever you're going,

1058
00:42:37,270 --> 00:42:39,875
you do have to learn an entire new

1059
00:42:40,074 --> 00:42:42,947
system. The trading systems are different. The billing

1060
00:42:42,947 --> 00:42:46,058
systems are different. Just pretty much everything's gonna

1061
00:42:46,058 --> 00:42:48,547
have nuances to it. So at the same

1062
00:42:48,547 --> 00:42:51,021
time, you pick up and and leave, you're

1063
00:42:51,021 --> 00:42:54,213
immediately working on entirely new systems that you've

1064
00:42:54,213 --> 00:42:57,097
never seen before and the Schwab custodian is

1065
00:42:57,097 --> 00:42:59,804
different than the... Goldman or U ups custodian.

1066
00:43:00,043 --> 00:43:04,102
It is just an incredible load of stress

1067
00:43:04,102 --> 00:43:05,057
for that year.

1068
00:43:05,868 --> 00:43:08,176
If you keep your head down and pray

1069
00:43:08,176 --> 00:43:08,676
constantly

1070
00:43:09,290 --> 00:43:11,280
and have a great partner like Billy and

1071
00:43:11,280 --> 00:43:14,396
a great staff, like we do, and everybody's

1072
00:43:14,396 --> 00:43:16,936
together. This can be very successful, but it

1073
00:43:16,936 --> 00:43:17,833
was certainly

1074
00:43:18,286 --> 00:43:21,303
challenging. It is a more challenging moving from

1075
00:43:21,462 --> 00:43:23,565
Wall Street to R.

1076
00:43:24,494 --> 00:43:26,423
It's just challenging moving

1077
00:43:27,036 --> 00:43:29,736
because you've got 50 families that have relied

1078
00:43:29,736 --> 00:43:32,293
on you and you have deep relationships And

1079
00:43:32,293 --> 00:43:33,409
in 1 moment,

1080
00:43:34,127 --> 00:43:36,279
after the fact, you've gotta come tell them

1081
00:43:36,439 --> 00:43:36,997
I've moved.

1082
00:43:37,555 --> 00:43:40,345
Wow. That can really cause some sweat out.

1083
00:43:40,759 --> 00:43:42,434
Mindy, and I'll add just a little bit

1084
00:43:42,434 --> 00:43:44,928
to that happy to report after

1085
00:43:45,624 --> 00:43:47,778
getting through the transition close to a hundred

1086
00:43:47,778 --> 00:43:50,091
percent of our clients followed us, which was

1087
00:43:50,091 --> 00:43:51,540
fantastic. And a huge blessing.

1088
00:43:52,336 --> 00:43:54,668
Going through that and that process,

1089
00:43:55,204 --> 00:43:57,274
beacon point did a really good job of

1090
00:43:57,274 --> 00:43:59,287
trying to get a team on board

1091
00:43:59,838 --> 00:44:02,711
coordinating with schwab and trying our our best

1092
00:44:02,711 --> 00:44:04,466
to come up with a framework and a

1093
00:44:04,466 --> 00:44:06,461
plan to handle the transition.

1094
00:44:07,511 --> 00:44:09,124
There were quite a few

1095
00:44:09,498 --> 00:44:09,998
unforeseen

1096
00:44:10,373 --> 00:44:12,042
things that popped up. Like, oh my gosh.

1097
00:44:12,201 --> 00:44:14,109
We didn't think about this or this didn't

1098
00:44:14,109 --> 00:44:14,347
connect.

1099
00:44:14,999 --> 00:44:17,071
But it was all hands on. We figured

1100
00:44:17,071 --> 00:44:19,463
it out. What I'd say is, but there's

1101
00:44:19,463 --> 00:44:22,651
another breakaway team that joins beacon point. We

1102
00:44:22,651 --> 00:44:25,297
got pretty good playbook on how to do

1103
00:44:25,297 --> 00:44:27,210
it now that we've already gone through the

1104
00:44:27,210 --> 00:44:29,761
process. So, you know, to some degree, we're

1105
00:44:29,761 --> 00:44:31,196
are a little bit of the guinea pig

1106
00:44:31,196 --> 00:44:33,276
and we work through all that and you're

1107
00:44:33,276 --> 00:44:35,022
gonna have any of these moves, you're gonna

1108
00:44:35,022 --> 00:44:36,688
have these problems, but we had a lot

1109
00:44:36,688 --> 00:44:38,513
of really good support and we work through

1110
00:44:38,513 --> 00:44:38,965
them

1111
00:44:39,561 --> 00:44:41,469
and a very efficient and timely manner.

1112
00:44:42,026 --> 00:44:44,252
And I would say you asked what went

1113
00:44:44,252 --> 00:44:44,650
wrong.

1114
00:44:45,762 --> 00:44:47,035
I wouldn't say that there was a whole

1115
00:44:47,035 --> 00:44:48,466
lot that went wrong, but I would tell

1116
00:44:48,466 --> 00:44:49,777
you biggest challenge

1117
00:44:50,553 --> 00:44:53,104
was that when we reached out to clients

1118
00:44:53,104 --> 00:44:55,336
and told them the story about how we

1119
00:44:55,336 --> 00:44:56,691
are moving and why,

1120
00:44:57,742 --> 00:45:00,309
we were just surprised at how many clients

1121
00:45:00,366 --> 00:45:01,400
said yes,

1122
00:45:01,957 --> 00:45:04,025
right away. We thought it was gonna be

1123
00:45:04,025 --> 00:45:05,559
a more gradual process

1124
00:45:06,267 --> 00:45:08,891
and with the number of clients that said

1125
00:45:08,891 --> 00:45:11,379
yes, right away. We had a a bottleneck

1126
00:45:11,595 --> 00:45:14,060
issue. And so high class problem to have,

1127
00:45:14,298 --> 00:45:15,784
yes, but that was probably

1128
00:45:16,463 --> 00:45:18,941
1 of the more stressful challenges is trying

1129
00:45:18,941 --> 00:45:20,400
to address the volume

1130
00:45:21,099 --> 00:45:23,416
of clients that wanted to come over in

1131
00:45:23,416 --> 00:45:25,015
a in a very short period of time.

1132
00:45:25,746 --> 00:45:27,994
First of all, I love the honesty.

1133
00:45:28,925 --> 00:45:31,627
Transitions are hard. And you are right. They

1134
00:45:31,627 --> 00:45:33,931
are hard, whether you're moving from 1 big

1135
00:45:33,931 --> 00:45:36,495
firm... Another or you're moving out of the

1136
00:45:36,495 --> 00:45:39,124
traditional space to go independent. And no matter

1137
00:45:39,124 --> 00:45:41,196
how much support you have and no matter

1138
00:45:41,196 --> 00:45:43,880
how many people surround you and scaffold you

1139
00:45:44,079 --> 00:45:45,920
At the end of the day, it's all

1140
00:45:45,920 --> 00:45:47,599
hands on deck and it's heart. And I

1141
00:45:47,599 --> 00:45:49,920
it's emotionally hard. It's challenging.

1142
00:45:50,239 --> 00:45:52,884
And you guys are... Still within that 12

1143
00:45:52,884 --> 00:45:53,599
month period.

1144
00:45:57,573 --> 00:45:59,163
A couple of questions came up as you

1145
00:45:59,163 --> 00:46:00,117
were talking. 1,

1146
00:46:00,769 --> 00:46:02,690
I wanna make it clear. So you were

1147
00:46:02,690 --> 00:46:05,909
beacon points first team recruited from a wire.

1148
00:46:06,530 --> 00:46:09,181
I imagine that learning curve that you're... Talking

1149
00:46:09,181 --> 00:46:11,113
about was very true

1150
00:46:11,488 --> 00:46:14,113
because what we find is that it's even

1151
00:46:14,113 --> 00:46:15,306
the language barrier.

1152
00:46:15,798 --> 00:46:18,181
People in the R space don't always speak

1153
00:46:18,181 --> 00:46:20,427
the same language as people in the wire

1154
00:46:20,483 --> 00:46:23,898
world. So are there any specific examples you

1155
00:46:23,898 --> 00:46:26,401
can share with us about what was particularly

1156
00:46:26,538 --> 00:46:29,166
hard or what was particularly different for you

1157
00:46:29,166 --> 00:46:30,760
moving from 1 world to the other?

1158
00:46:31,556 --> 00:46:33,786
Sure. I would say Mindy, 1 thing.

1159
00:46:34,438 --> 00:46:35,335
That is

1160
00:46:35,949 --> 00:46:37,324
different and yet

1161
00:46:37,938 --> 00:46:40,347
changing every day in the R

1162
00:46:40,802 --> 00:46:43,288
space that you might consider is different than

1163
00:46:43,447 --> 00:46:46,181
Wall Street. 1 of the things that is

1164
00:46:46,478 --> 00:46:48,791
so attractive about the Wall Street firms is

1165
00:46:48,791 --> 00:46:50,646
they're so vertically integrated

1166
00:46:50,958 --> 00:46:52,474
the custodian model,

1167
00:46:53,032 --> 00:46:57,042
the investment adviser model and the asset management

1168
00:46:57,180 --> 00:46:59,573
model to a very large extent are all

1169
00:46:59,573 --> 00:47:00,291
the same firm.

1170
00:47:01,021 --> 00:47:03,084
They're just on different floors in the office

1171
00:47:03,084 --> 00:47:03,401
building.

1172
00:47:04,274 --> 00:47:06,812
So if you have a problem at Goldman

1173
00:47:06,812 --> 00:47:09,847
with a custody issue, well, you just call

1174
00:47:09,847 --> 00:47:11,443
down to the seventh floor and say, hey,

1175
00:47:11,602 --> 00:47:13,756
Jim, And custody, our clients got a problem.

1176
00:47:14,315 --> 00:47:16,092
And that's a very fluid

1177
00:47:16,723 --> 00:47:17,223
very

1178
00:47:17,761 --> 00:47:18,878
connected environment.

1179
00:47:19,357 --> 00:47:21,272
When you move to the R i's, a

1180
00:47:21,272 --> 00:47:24,006
space and you're using an independent custodian

1181
00:47:24,318 --> 00:47:27,597
an independent advisory firm and an independent

1182
00:47:28,525 --> 00:47:29,581
investment management

1183
00:47:30,033 --> 00:47:31,303
boutique that you may have hired,

1184
00:47:31,874 --> 00:47:34,339
Well, they all have their own compliance departments.

1185
00:47:34,498 --> 00:47:36,804
They all have their own operations departments.

1186
00:47:37,520 --> 00:47:41,280
So it is certainly a nuance. To connect

1187
00:47:41,280 --> 00:47:42,019
all those

1188
00:47:42,559 --> 00:47:43,059
conversations

1189
00:47:43,440 --> 00:47:44,420
for a client

1190
00:47:44,800 --> 00:47:47,440
issue, client need, if you will. It's not

1191
00:47:47,440 --> 00:47:48,340
an impossibility

1192
00:47:48,894 --> 00:47:50,894
it's just maybe a couple of more phone

1193
00:47:50,894 --> 00:47:53,394
calls and you've got to build out your

1194
00:47:53,454 --> 00:47:55,135
spreadsheet of who to call and and who

1195
00:47:55,135 --> 00:47:55,855
those people are.

1196
00:47:56,510 --> 00:47:58,670
Where when you're in the big Wall Street

1197
00:47:58,670 --> 00:48:00,829
firms, you call downstairs and then whether it's

1198
00:48:00,829 --> 00:48:03,070
sally, or Gym or Kevin, we all work

1199
00:48:03,070 --> 00:48:04,430
for the same firm, and I need you

1200
00:48:04,430 --> 00:48:05,789
to help me with a problem here.

1201
00:48:06,442 --> 00:48:09,543
That certainly is a learning experience when you

1202
00:48:09,543 --> 00:48:11,133
go from Wall Street to R.

1203
00:48:11,769 --> 00:48:12,723
That being said,

1204
00:48:13,280 --> 00:48:14,234
10:15

1205
00:48:14,234 --> 00:48:15,768
years ago, that may have been

1206
00:48:16,079 --> 00:48:20,568
a much greater problem or hurdle or just

1207
00:48:20,706 --> 00:48:22,701
stress to deal with. Now,

1208
00:48:23,353 --> 00:48:26,061
knowing that schwab and Fidelity, the the 2

1209
00:48:26,061 --> 00:48:30,045
biggest really in the R space are so

1210
00:48:30,045 --> 00:48:32,409
well connected with our R a's. I think

1211
00:48:32,609 --> 00:48:33,109
that

1212
00:48:33,488 --> 00:48:36,285
differential is diminishing relative to Wall Street, but

1213
00:48:36,285 --> 00:48:38,443
that's certainly a reality that you don't have

1214
00:48:38,443 --> 00:48:40,601
to be a rocket scientist to see the

1215
00:48:40,601 --> 00:48:43,088
difference in how those 2... The the different

1216
00:48:43,088 --> 00:48:43,567
firms work.

1217
00:48:44,523 --> 00:48:47,152
I appreciate that honesty. It occurs to me.

1218
00:48:47,391 --> 00:48:50,179
So you moved in August of last year.

1219
00:48:50,498 --> 00:48:52,981
You're at the 10 or 11 almost approaching

1220
00:48:52,981 --> 00:48:55,927
the 11 month mark. So I imagine there's

1221
00:48:55,927 --> 00:48:58,077
still pretty much a learning curve. Do you

1222
00:48:58,077 --> 00:48:59,843
feel like you're on the others side of

1223
00:48:59,843 --> 00:49:01,675
it or getting to the other side of

1224
00:49:01,675 --> 00:49:03,747
it where it feels more like smooth sailing?

1225
00:49:04,464 --> 00:49:06,854
Yeah. Mindy, I think we're there. The first

1226
00:49:06,854 --> 00:49:09,339
thing is getting clients over getting them set

1227
00:49:09,339 --> 00:49:12,219
up organized to where they can see their

1228
00:49:12,219 --> 00:49:14,699
accounts in a very similar organized fashion,

1229
00:49:15,179 --> 00:49:18,624
learning the systems, reporting systems, getting through tax

1230
00:49:18,624 --> 00:49:21,963
even and then spending the time to learn

1231
00:49:21,963 --> 00:49:23,655
new systems and create

1232
00:49:24,029 --> 00:49:26,039
operational procedures for the team

1233
00:49:26,507 --> 00:49:29,207
that take 5 hour tasks down to 20

1234
00:49:29,207 --> 00:49:29,445
minutes.

1235
00:49:30,398 --> 00:49:32,860
And we've spent a lot of time doing

1236
00:49:32,860 --> 00:49:34,154
that at U b

1237
00:49:34,782 --> 00:49:36,776
trying to get our process for the team

1238
00:49:36,776 --> 00:49:37,891
on how we do things.

1239
00:49:38,450 --> 00:49:40,682
There are a lot of repeat motions that

1240
00:49:40,682 --> 00:49:43,250
you do for all your clients across the

1241
00:49:43,250 --> 00:49:45,190
client base. And so how do you get

1242
00:49:45,329 --> 00:49:47,410
operationally efficient to where you can do it

1243
00:49:47,410 --> 00:49:49,489
in less time with 0 mistakes,

1244
00:49:50,303 --> 00:49:51,976
And so we've been spending the last 3

1245
00:49:51,976 --> 00:49:54,842
months doing that. And, I would say we

1246
00:49:54,842 --> 00:49:56,674
are now... When it's been this way for

1247
00:49:56,674 --> 00:49:58,666
a while, but we're fully functional.

1248
00:49:59,478 --> 00:50:01,631
Operationally efficient moving forward,

1249
00:50:02,030 --> 00:50:02,530
actively

1250
00:50:03,306 --> 00:50:05,300
engaging with clients and trying to meet new

1251
00:50:05,300 --> 00:50:07,374
families. Yeah. And you moved a hundred percent

1252
00:50:07,374 --> 00:50:08,751
of the assets, which is

1253
00:50:09,465 --> 00:50:11,784
answers the question. Mindy, if if you would,

1254
00:50:11,945 --> 00:50:13,784
had 1 more thing to add on there

1255
00:50:13,784 --> 00:50:14,344
with Billy.

1256
00:50:15,065 --> 00:50:17,625
1 of the things that's probably been refreshing

1257
00:50:17,625 --> 00:50:19,233
for us. In this move is...

1258
00:50:20,027 --> 00:50:22,173
And maybe this is just indicative of billy

1259
00:50:22,173 --> 00:50:24,001
and I... We don't pretend to be the

1260
00:50:24,001 --> 00:50:25,909
sharpest knives in the drawer. The the way

1261
00:50:25,909 --> 00:50:27,204
we built our career

1262
00:50:27,833 --> 00:50:29,929
is by calling on very

1263
00:50:30,466 --> 00:50:33,896
sophisticated wealthy families that asked us very hard

1264
00:50:33,896 --> 00:50:34,396
questions

1265
00:50:35,028 --> 00:50:36,065
over a career,

1266
00:50:36,544 --> 00:50:39,016
and billy and I, 99

1267
00:50:39,016 --> 00:50:41,250
percent of the time had to say, wow.

1268
00:50:41,489 --> 00:50:43,084
I don't know the answer to that question,

1269
00:50:43,244 --> 00:50:45,092
but I'm gonna go find out. If you

1270
00:50:45,092 --> 00:50:46,708
do that 50000

1271
00:50:46,925 --> 00:50:48,438
times over a career,

1272
00:50:49,075 --> 00:50:51,168
all of a sudden, you've got some mental

1273
00:50:51,306 --> 00:50:53,695
files built up of 50000

1274
00:50:53,695 --> 00:50:55,376
ants, Answers to 50000

1275
00:50:55,376 --> 00:50:56,327
really good questions,

1276
00:50:56,881 --> 00:50:59,734
and you develop what we would call tribal

1277
00:50:59,734 --> 00:51:02,931
knowledge or experience a battery of experience that

1278
00:51:02,931 --> 00:51:04,367
really helps you in the business.

1279
00:51:04,846 --> 00:51:06,921
I think when we made this transition, Billy,

1280
00:51:07,001 --> 00:51:08,677
and I had to jump back to those

1281
00:51:08,677 --> 00:51:10,549
days, which are frequent

1282
00:51:10,928 --> 00:51:12,925
where we had to say, I I don't

1283
00:51:12,925 --> 00:51:14,682
know the answer to that question, but I'm

1284
00:51:14,682 --> 00:51:15,801
gonna go figure it out.

1285
00:51:16,440 --> 00:51:17,593
And we've rein

1286
00:51:18,678 --> 00:51:20,976
ourselves in a way in that learning experience

1287
00:51:20,976 --> 00:51:21,714
that frankly

1288
00:51:22,086 --> 00:51:24,876
is how we built our entire business, going

1289
00:51:24,876 --> 00:51:26,860
to find the answers to questions that we

1290
00:51:26,860 --> 00:51:29,344
don't know is the quickest way to develop

1291
00:51:29,558 --> 00:51:31,463
expertise and experience our view. Yeah.

1292
00:51:32,114 --> 00:51:34,352
1 more question about the transition and it's

1293
00:51:34,352 --> 00:51:36,770
important 1. 1 of you just said that

1294
00:51:36,909 --> 00:51:39,945
you needed to be impeccable about following the

1295
00:51:39,945 --> 00:51:42,034
legal rule. So that you don't blow up

1296
00:51:42,034 --> 00:51:44,900
your career. And it's notable that you left

1297
00:51:44,900 --> 00:51:47,368
a firm, namely U ups that is a

1298
00:51:47,368 --> 00:51:48,721
non protocol firm,

1299
00:51:49,453 --> 00:51:52,241
you have a large book of business in

1300
00:51:52,241 --> 00:51:54,870
terms of assets under management, you have a

1301
00:51:54,870 --> 00:51:55,370
relatively

1302
00:51:55,905 --> 00:51:58,056
small number of clients in the scheme of

1303
00:51:58,056 --> 00:52:00,384
things. That makes it easier to move a

1304
00:52:00,384 --> 00:52:02,856
book with 50 families than 200.

1305
00:52:03,335 --> 00:52:06,445
But how challenging was the non protocol status?

1306
00:52:06,605 --> 00:52:08,360
How did it complicate things or did it?

1307
00:52:09,331 --> 00:52:12,120
Look, It complicated it in the sense that

1308
00:52:12,120 --> 00:52:13,655
you couldn't just go and

1309
00:52:14,112 --> 00:52:17,155
engage with clients like the way you you

1310
00:52:17,155 --> 00:52:17,394
did,

1311
00:52:18,112 --> 00:52:21,242
we followed our lawyers advice to the t

1312
00:52:21,619 --> 00:52:24,385
and took their advice on how to the

1313
00:52:25,144 --> 00:52:27,304
transition over to U b in a way

1314
00:52:27,304 --> 00:52:29,864
that was legal and ethical and the way

1315
00:52:29,864 --> 00:52:32,105
the industry is set up, and we followed

1316
00:52:32,105 --> 00:52:34,346
that advice. When we did that, I will

1317
00:52:34,346 --> 00:52:36,091
tell you there are a lot of things

1318
00:52:36,091 --> 00:52:37,678
that if we weren't bound by those rules,

1319
00:52:37,837 --> 00:52:39,582
we would probably like to have done a

1320
00:52:39,582 --> 00:52:40,931
lot of things a whole lot differently.

1321
00:52:41,582 --> 00:52:44,047
And you feel like you are walking into

1322
00:52:44,047 --> 00:52:45,898
a situation where you are

1323
00:52:46,273 --> 00:52:49,533
at a disadvantage because you are following the

1324
00:52:49,533 --> 00:52:50,725
advice of your lawyers.

1325
00:52:51,934 --> 00:52:53,922
But when you eventually ended up talking to

1326
00:52:53,922 --> 00:52:56,309
your clients and with the history and the

1327
00:52:56,309 --> 00:52:57,422
experience you have with them.

1328
00:52:58,155 --> 00:52:59,454
I don't think you needed

1329
00:52:59,835 --> 00:53:01,994
the other things that maybe you wish you

1330
00:53:01,994 --> 00:53:04,235
could have done. You follow the rules, listen

1331
00:53:04,235 --> 00:53:07,046
to your lawyers. And rely on the relationships

1332
00:53:07,046 --> 00:53:08,802
with your clients, and and that's what we

1333
00:53:08,802 --> 00:53:10,159
had to do. And proof was in the

1334
00:53:10,159 --> 00:53:12,314
pudding because you moved a hundred percent of

1335
00:53:12,314 --> 00:53:14,643
your families. So there you go. Yeah. And

1336
00:53:14,722 --> 00:53:17,427
Mindy, I'd add also billy and I as

1337
00:53:17,427 --> 00:53:19,654
we've probably mentioned through the course of this

1338
00:53:19,654 --> 00:53:21,898
call. I think you can feel that tenor

1339
00:53:21,898 --> 00:53:24,131
of our attitude towards Wall Street. Listen, We

1340
00:53:24,131 --> 00:53:27,343
owe a tremendous debt of gratitude and

1341
00:53:27,720 --> 00:53:30,273
appreciation to Morgan Stanley Goldman and U ups

1342
00:53:30,273 --> 00:53:31,643
because we were trained by the best.

1343
00:53:32,440 --> 00:53:34,430
And we built a good business there and

1344
00:53:34,430 --> 00:53:36,761
we worked very hard to make our bosses

1345
00:53:36,818 --> 00:53:40,418
happy. And I think you do best read

1346
00:53:40,418 --> 00:53:43,532
in the newspaper about teams leaving Wall Street

1347
00:53:43,532 --> 00:53:44,489
firms and doing,

1348
00:53:45,447 --> 00:53:47,203
hate to use the word, but just stupid

1349
00:53:47,203 --> 00:53:49,612
things. Yeah. They pinned them there. Yeah. And

1350
00:53:49,612 --> 00:53:51,208
they end up on the front page of

1351
00:53:51,208 --> 00:53:53,202
the newspaper, Billy and I had to look

1352
00:53:53,202 --> 00:53:54,956
at each other in the eye every day

1353
00:53:54,956 --> 00:53:56,951
and say don't do anything that you don't

1354
00:53:56,951 --> 00:53:58,386
wanna read about on the front page and

1355
00:53:58,386 --> 00:53:58,920
the newspaper

1356
00:53:59,756 --> 00:54:02,386
Yeah. I actually like that attitude. I agree

1357
00:54:02,386 --> 00:54:05,357
with that. Even those that leave big firms

1358
00:54:05,574 --> 00:54:07,983
because they are fresh traded. Mean, there's a

1359
00:54:07,983 --> 00:54:10,380
lot of pain points that are motivating them

1360
00:54:10,380 --> 00:54:10,860
to leave.

1361
00:54:11,659 --> 00:54:14,776
They absolutely need to and should be grateful

1362
00:54:14,776 --> 00:54:17,180
to those very farms because that's who train

1363
00:54:17,180 --> 00:54:19,086
them. That's who enabled them to build the

1364
00:54:19,086 --> 00:54:21,627
business that they did. And I have this

1365
00:54:21,627 --> 00:54:23,771
belief that people wind up right where they're

1366
00:54:23,771 --> 00:54:26,332
supposed to when they're supposed. And I think

1367
00:54:26,332 --> 00:54:28,088
they're probably the same can be said of

1368
00:54:28,088 --> 00:54:29,764
you. Let me ask you a couple of

1369
00:54:29,764 --> 00:54:31,062
other questions. So,

1370
00:54:31,759 --> 00:54:33,929
okay, you're almost at the 1 year point.

1371
00:54:34,088 --> 00:54:37,349
You're over the hump of transition, and you've

1372
00:54:37,349 --> 00:54:39,496
moved all of your clients and now you're

1373
00:54:39,496 --> 00:54:41,741
in growth mode to get what are some

1374
00:54:41,741 --> 00:54:43,575
of the things that you hope to be

1375
00:54:43,575 --> 00:54:45,032
able to do for clients

1376
00:54:45,489 --> 00:54:48,120
in the future that you haven't done before?

1377
00:54:48,359 --> 00:54:50,690
Or what are some of the the things

1378
00:54:50,690 --> 00:54:53,010
that you think about in terms of growing

1379
00:54:53,010 --> 00:54:53,489
the business.

1380
00:54:54,050 --> 00:54:57,650
Mindy, 1 thing that doesn't quite exist, but

1381
00:54:57,730 --> 00:55:01,179
I think it's... Moving that direction over time,

1382
00:55:01,658 --> 00:55:04,053
and this would be really Shannon could shed

1383
00:55:04,053 --> 00:55:06,128
more light on this. But I think 1

1384
00:55:06,128 --> 00:55:07,826
of the things that would be nice

1385
00:55:08,300 --> 00:55:09,119
to tuck

1386
00:55:09,420 --> 00:55:09,920
into

1387
00:55:10,219 --> 00:55:10,960
the R

1388
00:55:11,339 --> 00:55:13,260
space and really the space at large would

1389
00:55:13,260 --> 00:55:16,139
be, if if something like the accounting functions

1390
00:55:16,139 --> 00:55:17,099
were brought in house,

1391
00:55:18,072 --> 00:55:20,943
seems like that could be an interesting opportunity

1392
00:55:20,943 --> 00:55:23,414
to do more for clients. And obviously, the

1393
00:55:23,414 --> 00:55:26,500
accounting function is such an important component

1394
00:55:26,858 --> 00:55:28,528
and it is 1 of those where you're

1395
00:55:28,528 --> 00:55:31,653
working with a variety of different accounts on

1396
00:55:31,789 --> 00:55:34,352
various families. I I think That's 1 thing

1397
00:55:34,432 --> 00:55:37,485
I'm curious to see how the R space

1398
00:55:37,544 --> 00:55:40,098
develops over the next few years in terms

1399
00:55:40,098 --> 00:55:43,165
of maybe a trust. Company, maybe an accounting

1400
00:55:43,303 --> 00:55:45,774
function, etcetera, that would be in house to

1401
00:55:45,774 --> 00:55:46,173
the firms.

1402
00:55:46,811 --> 00:55:49,441
So as you think about growing your personal

1403
00:55:49,441 --> 00:55:49,840
business,

1404
00:55:50,493 --> 00:55:52,565
What is or what has been your best

1405
00:55:52,565 --> 00:55:54,318
source for attracting new clients?

1406
00:55:54,876 --> 00:55:57,586
Mindy, you're asking us to deliver the special

1407
00:55:57,586 --> 00:55:59,440
sauce there's not a whole lot to it,

1408
00:55:59,679 --> 00:56:01,760
but as the coal caller, I'll give you

1409
00:56:01,760 --> 00:56:04,559
the inside story. It's not very hard to

1410
00:56:04,559 --> 00:56:05,059
pick

1411
00:56:05,440 --> 00:56:07,780
a town in Texas and find out

1412
00:56:08,253 --> 00:56:11,124
who who are the movers and shaker in

1413
00:56:11,124 --> 00:56:13,756
a particular town. Just go to the internet

1414
00:56:13,756 --> 00:56:15,670
and look at ranches and look at the

1415
00:56:15,670 --> 00:56:18,318
museum and etcetera, etcetera. I don't have to

1416
00:56:18,318 --> 00:56:20,236
give more way to advisors. They already know

1417
00:56:20,236 --> 00:56:22,793
how to do that. And then writing a

1418
00:56:22,793 --> 00:56:24,871
really nice letter in making a cold call

1419
00:56:24,871 --> 00:56:25,510
still works.

1420
00:56:26,162 --> 00:56:28,549
Almost every time. You would not be surprised

1421
00:56:28,549 --> 00:56:31,492
probably to know with your experience in the

1422
00:56:31,492 --> 00:56:33,599
industry Mindy that wanna in entrepreneur

1423
00:56:34,458 --> 00:56:37,095
finds a letter on his desk, requesting an

1424
00:56:37,095 --> 00:56:39,652
opportunity to visit because that entrepreneurs has been

1425
00:56:39,652 --> 00:56:42,382
successful. That's really not an offensive letter. Now

1426
00:56:42,382 --> 00:56:44,050
you may not get in the door, but

1427
00:56:44,050 --> 00:56:45,503
it... It's a con con

1428
00:56:46,036 --> 00:56:48,522
outreach, and I spend a lot of time

1429
00:56:49,134 --> 00:56:51,358
writing letters making cold calls now,

1430
00:56:52,248 --> 00:56:55,281
25 years ago, Billy and I didn't really

1431
00:56:55,281 --> 00:56:58,153
know any client to say, hey, do you

1432
00:56:58,153 --> 00:56:59,771
happen to know this family

1433
00:57:00,162 --> 00:57:03,185
Now 25 years later, we have the opportunity

1434
00:57:03,185 --> 00:57:05,969
to make a some internal client calls if

1435
00:57:05,969 --> 00:57:08,930
you will. And and find somebody in the

1436
00:57:08,930 --> 00:57:11,877
network that might give us some opportunity to

1437
00:57:11,877 --> 00:57:14,027
have a referral. But I will tell you

1438
00:57:14,027 --> 00:57:16,349
that it's the way we were born Billy

1439
00:57:16,349 --> 00:57:18,651
makes cold calls. I make cold calls. We

1440
00:57:18,651 --> 00:57:20,103
definitely are active.

1441
00:57:20,634 --> 00:57:22,642
And honestly, it's an incredibly

1442
00:57:24,070 --> 00:57:27,110
exciting part of the entrepreneurial business that you

1443
00:57:27,110 --> 00:57:29,130
sent a letter you got in the door

1444
00:57:29,349 --> 00:57:31,750
and 18 months later, that person becomes a

1445
00:57:31,750 --> 00:57:34,644
client. For my personality, that is something that

1446
00:57:34,644 --> 00:57:36,965
just gets you up every day and is

1447
00:57:36,965 --> 00:57:38,885
really an exciting part of the growth side

1448
00:57:38,885 --> 00:57:39,704
of the business

1449
00:57:40,324 --> 00:57:41,144
along with

1450
00:57:41,536 --> 00:57:45,029
adding value to existing clients and accomplishing tasks

1451
00:57:45,029 --> 00:57:47,331
for them in the course of their family

1452
00:57:47,331 --> 00:57:48,204
history. Yeah.

1453
00:57:48,855 --> 00:57:51,090
And how that as you think further into

1454
00:57:51,090 --> 00:57:53,325
the future? What do you guys hope to

1455
00:57:53,325 --> 00:57:55,561
be remembered for? What kind of legacy do

1456
00:57:55,561 --> 00:57:57,078
you hope to leave? Is this going to

1457
00:57:57,078 --> 00:57:59,247
be a family business tell me what it

1458
00:57:59,247 --> 00:58:01,161
looks like. Really good question.

1459
00:58:01,719 --> 00:58:03,554
I don't have a great answer for you.

1460
00:58:03,793 --> 00:58:06,504
And I'll tell you the reason is that

1461
00:58:06,504 --> 00:58:08,755
day just seems like a far away. I

1462
00:58:08,755 --> 00:58:10,434
know we're in our fifties, so we're not

1463
00:58:10,434 --> 00:58:12,275
spring chickens, but we love what we do.

1464
00:58:12,914 --> 00:58:15,488
I'm not sure what retirement looks like 60

1465
00:58:15,488 --> 00:58:17,244
years old and sitting on a beach doesn't

1466
00:58:17,244 --> 00:58:18,441
sound like a whole lot of fun to

1467
00:58:18,441 --> 00:58:19,639
me. I love what I do.

1468
00:58:20,357 --> 00:58:21,815
But I do rest

1469
00:58:22,192 --> 00:58:22,671
knowing,

1470
00:58:23,564 --> 00:58:25,802
that when that day comes that I'm no

1471
00:58:25,802 --> 00:58:28,998
longer able to work here and do this

1472
00:58:28,998 --> 00:58:31,396
job, we've got a lot of clients that

1473
00:58:31,396 --> 00:58:34,436
have become true friends. But again, as Russell

1474
00:58:34,436 --> 00:58:36,027
said, you never forget that you work at

1475
00:58:36,027 --> 00:58:37,060
the pleasure of king.

1476
00:58:37,856 --> 00:58:40,161
And there are next generations that you would

1477
00:58:40,161 --> 00:58:42,005
hope to be able to work with, and

1478
00:58:42,164 --> 00:58:42,823
I feel

1479
00:58:43,356 --> 00:58:44,890
very good knowing

1480
00:58:45,661 --> 00:58:48,205
that if they decide to stay with our

1481
00:58:48,205 --> 00:58:51,030
team at Beacon point or at our firm

1482
00:58:51,730 --> 00:58:53,809
that they will be in good hands because

1483
00:58:53,809 --> 00:58:56,210
they at a firm that's a fiduciary through.

1484
00:58:56,929 --> 00:58:58,369
And so when that day comes,

1485
00:58:59,182 --> 00:59:01,275
I'm gonna be able to retire

1486
00:59:02,287 --> 00:59:02,787
well

1487
00:59:03,640 --> 00:59:06,108
knowing that my clients are going to be

1488
00:59:06,108 --> 00:59:08,119
well served. But what I'm gonna be remembered

1489
00:59:08,119 --> 00:59:09,559
for I... You know, it's a really good

1490
00:59:09,559 --> 00:59:11,400
question. I don't have a great answer. So

1491
00:59:11,400 --> 00:59:14,614
hopefully that's okay. Yeah. Chris, it's okay. In

1492
00:59:14,614 --> 00:59:16,534
my love what you said about feeling good,

1493
00:59:16,775 --> 00:59:18,695
I will be able to retire a rest

1494
00:59:18,695 --> 00:59:21,655
easy knowing that my clients and my next...

1495
00:59:22,226 --> 00:59:24,211
Generation team members will be in the right

1496
00:59:24,211 --> 00:59:24,449
hands.

1497
00:59:25,164 --> 00:59:27,309
1 of the things we talk with advisors

1498
00:59:27,309 --> 00:59:29,612
about all the time in our work with

1499
00:59:29,612 --> 00:59:32,809
that. Is to ask yourself early and often,

1500
00:59:33,047 --> 00:59:35,434
if you feel like if you retired from

1501
00:59:35,434 --> 00:59:37,104
the firm where you are today, would you

1502
00:59:37,104 --> 00:59:39,349
feel good about that? In other words, do

1503
00:59:39,349 --> 00:59:41,905
you feel that your firm would allow you

1504
00:59:41,905 --> 00:59:43,743
to leave the legacy that you want to.

1505
00:59:44,302 --> 00:59:46,794
And what you're saying is that even in

1506
00:59:46,794 --> 00:59:49,611
these early innings after 10 months of

1507
00:59:50,309 --> 00:59:52,946
transition, which was hard, you have the sense

1508
00:59:52,946 --> 00:59:55,114
that your clients and your next generation in

1509
00:59:55,114 --> 00:59:56,704
your business is in the right hands.

1510
00:59:57,737 --> 00:59:58,532
I think that's right.

1511
00:59:59,326 --> 01:00:02,442
Yeah. I love it. Okay. Good. So Anything

1512
01:00:02,442 --> 01:00:04,436
that keeps you up at night, anything that

1513
01:00:04,436 --> 01:00:07,306
worries you either about the industry overall or

1514
01:00:07,306 --> 01:00:08,342
your personal business?

1515
01:00:08,901 --> 01:00:10,358
I wouldn't say anything

1516
01:00:11,067 --> 01:00:12,496
Billy and I don't show up to the

1517
01:00:12,496 --> 01:00:15,353
office and we'd sit about 3 feet from

1518
01:00:15,353 --> 01:00:17,020
each other on an open trading floor. So

1519
01:00:17,020 --> 01:00:19,178
if something's going on and his mind, I

1520
01:00:19,178 --> 01:00:20,209
can see it on his face.

1521
01:00:21,003 --> 01:00:23,224
Mindy, I I don't think there's anything really

1522
01:00:23,224 --> 01:00:25,367
keeping us up at night per s.

1523
01:00:26,019 --> 01:00:28,519
I do think that when you move from

1524
01:00:29,139 --> 01:00:31,400
25 years ago making a trade

1525
01:00:32,099 --> 01:00:33,780
to 25 years later,

1526
01:00:34,512 --> 01:00:37,454
operating as a family office, a, a financial

1527
01:00:37,454 --> 01:00:37,954
concierge,

1528
01:00:38,726 --> 01:00:39,862
the responsibility

1529
01:00:40,635 --> 01:00:41,532
you feel

1530
01:00:42,146 --> 01:00:43,759
for your client families

1531
01:00:44,387 --> 01:00:44,887
is

1532
01:00:45,580 --> 01:00:46,557
exponentially greater

1533
01:00:47,569 --> 01:00:49,819
because you're involved in so many

1534
01:00:50,273 --> 01:00:50,773
decisions

1535
01:00:51,721 --> 01:00:54,052
regarding different generations of the families

1536
01:00:54,826 --> 01:00:56,338
that are not always easy.

1537
01:00:57,214 --> 01:01:00,015
I think those things were Billy could look

1538
01:01:00,015 --> 01:01:01,526
at me and say, or are you thinking

1539
01:01:01,526 --> 01:01:04,310
about so and so in this transition situation

1540
01:01:04,310 --> 01:01:05,742
or whatever might be happening?

1541
01:01:06,314 --> 01:01:08,143
With a client family, and how do we

1542
01:01:08,143 --> 01:01:11,087
help in that situation? We have some clients

1543
01:01:11,087 --> 01:01:13,210
that are dealing with some health issues and

1544
01:01:13,648 --> 01:01:15,581
went down to the hospital and took them

1545
01:01:15,717 --> 01:01:17,788
out to dinner just a few nights ago.

1546
01:01:18,106 --> 01:01:20,336
Those kinds of things when you become so

1547
01:01:20,336 --> 01:01:21,473
close to the family

1548
01:01:21,863 --> 01:01:24,322
and they go from being a transaction to

1549
01:01:24,322 --> 01:01:26,941
being just an entire career,

1550
01:01:27,576 --> 01:01:29,559
those kind of things are are what we

1551
01:01:29,559 --> 01:01:30,059
probably

1552
01:01:30,527 --> 01:01:32,435
if anything was gonna keep us up at

1553
01:01:32,435 --> 01:01:34,343
night, it would be those kind of of

1554
01:01:34,343 --> 01:01:37,047
bank for sure. Yeah. Well, that's me right

1555
01:01:37,047 --> 01:01:39,591
there is the definition of being a fiduciary.

1556
01:01:39,924 --> 01:01:41,682
So I think you hit it on the

1557
01:01:41,682 --> 01:01:41,842
head.

1558
01:01:47,996 --> 01:01:51,207
1 closing question for you both. What advice

1559
01:01:51,207 --> 01:01:54,163
would you want to share? If an adviser

1560
01:01:54,163 --> 01:01:56,240
that is a colleague of yours an next

1561
01:01:56,240 --> 01:01:58,326
colleague of yours that was a Or Morgan

1562
01:01:58,485 --> 01:02:00,973
Stanley or Goldman or elsewhere in the traditional

1563
01:02:01,030 --> 01:02:01,745
brokerage field.

1564
01:02:02,381 --> 01:02:04,051
What would you say to them? If they

1565
01:02:04,051 --> 01:02:06,039
said to you I'm thinking about my career.

1566
01:02:06,357 --> 01:02:08,845
I'm at this crossroads, I'm not sure what

1567
01:02:08,845 --> 01:02:10,282
the next 10 years are gonna look like,

1568
01:02:10,441 --> 01:02:12,038
What advice would you give me? It's a

1569
01:02:12,038 --> 01:02:13,953
really good question. All I can do is

1570
01:02:13,953 --> 01:02:15,070
talk from experience?

1571
01:02:15,884 --> 01:02:18,514
I can't imagine doing this business alone.

1572
01:02:19,151 --> 01:02:21,702
You have highs and you need good days

1573
01:02:21,702 --> 01:02:24,448
and you need somebody that you can celebrate

1574
01:02:24,505 --> 01:02:26,335
with, and you're gonna have plenty of low

1575
01:02:26,335 --> 01:02:28,324
days and you need somebody to help you

1576
01:02:28,324 --> 01:02:30,813
through those difficult times. And so

1577
01:02:31,523 --> 01:02:33,759
the structure and the team that I've had,

1578
01:02:33,918 --> 01:02:37,351
the partnership with Russell has been invaluable. He

1579
01:02:37,351 --> 01:02:38,170
or she

1580
01:02:38,548 --> 01:02:40,086
did not have a partner

1581
01:02:40,718 --> 01:02:43,108
My encouragement would be not to go run

1582
01:02:43,108 --> 01:02:45,578
and marry the first person that becomes available,

1583
01:02:45,737 --> 01:02:47,570
but keep your antenna up and try to

1584
01:02:47,570 --> 01:02:49,960
form a partnership. 1 plus 1 equals 3.

1585
01:02:50,453 --> 01:02:52,678
Over the years, we've had a couple of

1586
01:02:52,678 --> 01:02:54,586
extra partners in our team, but, Russell and

1587
01:02:54,665 --> 01:02:56,335
I have been the core from the beginning

1588
01:02:56,335 --> 01:02:57,924
and the core to now. I don't know

1589
01:02:57,924 --> 01:03:00,487
what the magic number is. But it's greater

1590
01:03:00,487 --> 01:03:00,965
than 1.

1591
01:03:01,604 --> 01:03:03,678
You love it. I would say this. We

1592
01:03:03,678 --> 01:03:04,657
have some

1593
01:03:05,354 --> 01:03:09,213
amazingly dear friends for decades that will likely

1594
01:03:09,427 --> 01:03:09,927
always

1595
01:03:10,301 --> 01:03:12,286
remain in the Wall Street space.

1596
01:03:13,240 --> 01:03:15,622
And boy, you can have an amazing career

1597
01:03:15,622 --> 01:03:18,264
and do amazing work for clients and move

1598
01:03:18,264 --> 01:03:20,975
off into the sunset in in that particular

1599
01:03:20,975 --> 01:03:23,867
realm, look back with great pride and

1600
01:03:24,244 --> 01:03:25,121
appreciation for your career.

1601
01:03:25,693 --> 01:03:27,523
But if you are 1 of those people

1602
01:03:27,523 --> 01:03:28,637
that looks and say,

1603
01:03:29,273 --> 01:03:31,262
wow, I might wanna be a part of

1604
01:03:31,262 --> 01:03:31,978
a boutique,

1605
01:03:32,709 --> 01:03:34,784
that is on the cutting edge of the

1606
01:03:34,784 --> 01:03:36,940
industry, and I might wanna have some influence

1607
01:03:36,940 --> 01:03:39,973
in the direction. They're going, and I think

1608
01:03:39,973 --> 01:03:42,703
my clients would actually in joy being and

1609
01:03:42,703 --> 01:03:44,641
more of a boutique experience

1610
01:03:45,180 --> 01:03:46,379
than in the big firms,

1611
01:03:47,257 --> 01:03:47,757
totally

1612
01:03:48,137 --> 01:03:49,835
opportunistic. It is a

1613
01:03:50,307 --> 01:03:51,204
road where

1614
01:03:51,818 --> 01:03:54,203
you might be surprised how many clients would

1615
01:03:54,203 --> 01:03:54,839
say to you.

1616
01:03:55,555 --> 01:03:57,145
I've been waiting for you to come and

1617
01:03:57,145 --> 01:04:00,282
tell me this. If you have that entrepreneurial

1618
01:04:00,338 --> 01:04:00,735
drive,

1619
01:04:01,211 --> 01:04:03,538
and and I'm not making a case that's

1620
01:04:03,832 --> 01:04:05,182
better to have it or not to have

1621
01:04:05,182 --> 01:04:07,406
it. Some people don't just personality trades.

1622
01:04:08,058 --> 01:04:10,608
Billy and I were driven and are driven

1623
01:04:10,608 --> 01:04:14,137
bet by that entrepreneurial drive to build and

1624
01:04:14,195 --> 01:04:17,793
continue improve and doing that in a boutique

1625
01:04:17,793 --> 01:04:18,293
environment

1626
01:04:18,906 --> 01:04:22,168
is exactly what it was born to provide

1627
01:04:22,168 --> 01:04:22,327
you.

1628
01:04:22,978 --> 01:04:24,808
I think doing that in Wall Street is

1629
01:04:24,808 --> 01:04:25,445
more challenging.

1630
01:04:26,081 --> 01:04:29,503
These are mature big industry players. I I

1631
01:04:29,503 --> 01:04:31,913
think the boutique environment is where you really

1632
01:04:32,304 --> 01:04:35,733
can exercise that muscle. And so if that's

1633
01:04:35,733 --> 01:04:35,973
you,

1634
01:04:36,690 --> 01:04:38,923
man, there is an exciting world that is

1635
01:04:38,923 --> 01:04:42,528
only growing and only calling to you. And

1636
01:04:42,528 --> 01:04:44,443
as you said, Mindy, you'll know when it's

1637
01:04:44,443 --> 01:04:46,996
right, but it's been a great, exciting and

1638
01:04:46,996 --> 01:04:48,751
wonderful adventure for us so far.

1639
01:04:49,485 --> 01:04:52,465
Well, thank you both. Your story is wonderful,

1640
01:04:53,005 --> 01:04:55,485
and I can sense your excitement,

1641
01:04:55,805 --> 01:04:58,285
your commitment to each other, which is really

1642
01:04:58,285 --> 01:04:58,684
notable.

1643
01:04:59,258 --> 01:05:02,522
And your commitment to your clients. I'd say

1644
01:05:02,522 --> 01:05:04,910
your clients are lucky to have you as

1645
01:05:04,910 --> 01:05:06,842
their financial stewards. So

1646
01:05:07,153 --> 01:05:08,743
it has been a real pleasure. Both of

1647
01:05:08,743 --> 01:05:10,992
you. I'm grateful for your time and your

1648
01:05:11,048 --> 01:05:11,526
transparency,

1649
01:05:12,082 --> 01:05:14,626
and I look forward to continuing the dialogue.

1650
01:05:15,278 --> 01:05:17,270
Thank you, Mindy so much. We very much

1651
01:05:17,270 --> 01:05:18,465
enjoyed it. Thank you, Mindy.

1652
01:05:25,735 --> 01:05:28,687
Curious about where why and how advisors like

1653
01:05:28,687 --> 01:05:29,326
you are moving?

1654
01:05:30,057 --> 01:05:31,829
Download the latest advisor

1655
01:05:32,203 --> 01:05:33,475
transition report to learn more,

1656
01:05:34,191 --> 01:05:37,505
including intel on recruiting deals and our in

1657
01:05:37,783 --> 01:05:40,173
and analysis on the latest trends in the

1658
01:05:40,173 --> 01:05:41,289
wealth management space.

1659
01:05:41,926 --> 01:05:44,476
You'll find it at diamond dash consultants dot

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01:05:44,476 --> 01:05:44,849
com

1661
01:05:45,289 --> 01:05:48,325
forward slash transition report. Or if you'd like

1662
01:05:48,325 --> 01:05:50,322
to talk, feel free to give us a

1663
01:05:50,322 --> 01:05:52,135
call at 09:08

1664
01:05:52,574 --> 01:05:55,775
8791002.