Mindy Digress, Partner, Braun discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change


If you look at what's been going on deals or partnerships that are being put in place so we're they're out there. They're working quite well. We're not seeing too significant of an acid dropping. By the way I think if you look at where where the market is today at this exact time. Actually I'm sorry it's up Equities report over two percent. But you look to one year number mindy on the equity markets were flat so relative basis. These firms are doing very well And I I really feel like from what I've see with our Braun pipeline again. I have like for my seat. I could see across all eighteen partnerships in the west side and in the three or four service firms. I mean we've twenty five businesses in our ecosystem. I don't think people realize that you have that much going on In the Goes on a daily basis. Mindy Digress for a minute we cut over a thousand firms between our credit business equity business and are Serbs partnerships. We touch a lot of firms. A lot of operators tons of households directly indirectly. And what I can tell you. From that perspective. From that viewpoint the firms are doing well ones were invested in. We'RE NOT INVESTED IN WEALTH. Management is a great business to be in in. It's one of the things mindy that we would all agree outside of financial services if we take our hats off for a second look in from the outside wealth managers are needed for all different types of families and people. These businesses are going to survive and do well. They're gonNA grow off the back of this because they are an essential service to indeed. I couldn't agree with you more. You had a bird's eye view having been an early stage partner at dynasty financial partners and I guess one of the things I think about is that firms like dynasty who around a decade ago came on the scene to be really a major player in this ecosystem in from where I sit really enabling breakaway advisors to do it into do it well because before dynasty came along there were two major. Things that prevented would be breakaways. Wirehouse advisors or advisors that were employees brokerage firms. Going independent one was turnkey way to get there. The simplicity felt like too much of a heavy lift and to was access to capital these people that were walking away from uninvested for trump and the notion of moving without deal. Money was anathema. So what do you think? Dynasty success in the past decade says about the dialysis were of advisors who have and are continuing to break away from the wirehouse world. So I guess I'm shifting to the industry as a whole through and what do you think dynasties role was in? Fostering that growth. And what do you think it's GonNa look like going forward Oregon bias right. I was there on day. One and I had the good fortune to sitting next to Cheryl Penny in todd and had Swenson in that team watching everything come develop on the back of a Napkin and then on a whiteboard and then in the office that we releasing their in midtown. So the first thing I would tell you. Dynasties a pioneer in the independent space. You have to commend them day. I'm speaking outsider. They've really blazed path for people to open companies and to have confidence confidence. Is The key word here confidence around what it is they can do versus what it is. They're afraid of. I mean let's just cut to it. There was a lot of fear before firms like dynasty in the space around the unknown of what it really meant to be independent and businesses back in December. Two thousand ten and we were like it was yesterday at that point. I feel like there was an opening of transparency less dark corners more knowns which in turn create more confidence so so what that did is it helped catalyze further the movement of people running fully towards something. I think it helped in his help. More and more each year mindy with firms like dynasty with merchant other businesses in this face. It's helped advisors who want to build their own companies realize. This isn't about me running from a bank or a wirehouse. The bank is not bad. This is about me running towards my next endgame my future my legacy right might vision. That's where the businesses going today. And I think if you see where it is it's just getting stronger. Momentum is picking up. We hit little speed bumps or big potholes like this most recent one but all these companies mindy in. I'm not preaching. I'm just stating what I see. They're built to address. These firms are built to last. They're centered around people that run them in their centered around. The families rely on them and none of those things are going anywhere. Do you think if any are the biggest issues that the are a principles or a space will need to solve for now and into the future whether it be as a result of this covid crisis or anything else. I honestly don't know that the issues are changing much from this point forward including covert right. You've got the need to optimize return on time. You've got the need to ensure case in point today more than ever though that you are durable business. Sometimes that's capitol related sometimes. It's not cap related. Sometimes it's outside partner needed. Sometimes it's just internal you've got off the back of that the need for succession. It's unbelievable still to this day. I feel like too many people in this is this is actually a big issue. I feel like too many advisors don't plan for succession until it's too late or almost too late. So that's a big piece of the industry. The just seems to be talked about a lot but not put into practice a lot to me. That's not a problem but it's an issue that has to certainly get more attention than than growth is always one. The People WanNA talk about but unpacking. What growth means for principals for operators for advisors in these organizations? It's you want to grow do you grow. What's the best way to grow and at the end of the day? What's definition for your firm of responsible growth? How do you achieve responsible growth? It's not about how many you can do how many acquisitions you can make clients. You can onboard because the minute you make a mistake and you bring the wrong component into your home. Meaning your firm. It's very hard to take three more steps back to go back to where you were before you got. I think what I'm really trying to say India's as these firms grow really all the firms merch included we. Have we think everyday about what can be done to us? Way Ahead of what can be done for us in. Sometimes you defined by more what you don't do and who you don't work with clients you don't take on relatives. The ones that you do. And so being contrarian in that ways I think really important as these principles navigate business ownership on their own..

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