Thursday, June 8, 2023
HomeFinancial#FA Success Ep 320: Navigating Hyper-Progress To Obtain Platform Scale For Impartial...

#FA Success Ep 320: Navigating Hyper-Progress To Obtain Platform Scale For Impartial Advisors, With Jim Dickson

Welcome again to the 320th episode of the Monetary Advisor Success Podcast!

My visitor on as we speak’s podcast is Jim Dickson. Jim is the CEO and Founding father of Sanctuary Wealth, an RIA platform with 80 associate companies in 29 states that collectively oversee almost $25 billion in property beneath administration.

What’s distinctive about Jim, although, is how he has constructed an RIA platform approaching $25B in AUM in simply 5 years, and the way in which he’s managed every part from hiring and staffing to elevating exterior investor capital as a way to make the investments essential to attain scale as a center and back-office assist platform for impartial advisors.

On this episode, we speak in-depth about how Jim constructed Sanctuary’s “Partnered Independence” platform for advisors who wish to run their very own practices serving HNW purchasers whereas leveraging Sanctuary Wealth’s assist system that provides know-how, compliance, follow administration and coaching teams, digital advertising, and even ultra-HNW household workplace assist, how Jim created Sanctuary’s distinctive partnership construction the place the advisor practices are their very own LLCs however are additionally IARs beneath the company RIA of Sanctuary Wealth in order that the practices can keep their independence for possession and tax effectivity however depend on Sanctuary for his or her compliance wants, and the way, as a result of many wirehouse advisors have been used to accessing all their knowledge and programs from 1 centralized workstation, Jim and Sanctuary constructed their very own centralized knowledge warehouse referred to as Haven after which layered a third-party enterprise intelligence software referred to as Domo on high so every advisor might get their very own stage of enterprise intelligence and benchmark how their practices are doing.

We additionally discuss why, after 25 years, Jim left the wirehouse world and, on account of a non-compete and non-solicit settlement, took a yearlong journey around the globe and alongside the way in which had the belief of the Sanctuary alternative to launch his personal advisor platform to supply the independence and partnership he thought wirehouse advisors actually wished and wanted, why Sanctuary owns a stake in among the companies they associate with as Jim discovered there have been some advisors who wished to take a minimum of just a few chips off the desk or have been focused on an “fairness swap” so they might develop with a small piece of a much-larger pie as a substitute of being solely depending on rising their very own, and the way, now that Sanctuary Wealth has reworked right into a nationwide partnership, Jim is working by the challenges of speedy progress when an advisor platform has to rent dozens of individuals yearly and wishes to make sure the groups should not solely various with expertise however have the correct folks to maneuver the corporate ahead at its present stage of progress and evolution.

And be sure to take heed to the tip, the place Jim shares how, regardless of working within the wirehouse world for over 2 a long time, he was shocked by how massive the demand for independence is from advisors as increasingly more are searching for the autonomy to regulate their consumer, funding, and platform expertise, and most significantly, their very own destinies, why Jim credit his extremely structured every day schedule as the way in which he stays disciplined in conducting every day calls with companions, staying in contact with what is going on inside the platform, and reaching out to advisors who probably might be a part of Sanctuary’s community… whereas nonetheless making the time to be current in his youngsters’ lives and by no means lacking one among their occasions, and why Jim feels the important thing to success is the relationships he has constructed on the Sanctuary platform as it’s one factor to construct a big agency, however it’s one other to construct it with folks you want and belief who all get pleasure from what they do and actually care concerning the folks the enterprise was constructed to serve.

So, whether or not you’re focused on studying about how Sanctuary differs from different advisor platforms and creates ‘partnered independence’ for its advisors, how Jim has dealt with speedy progress and scaling up to now 5 years, or how Sanctuary buildings platform charges and advisor compensation, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Dickson.

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