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

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

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

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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 companion corporations in 29 states that collectively oversee practically $25 billion in belongings underneath 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 best way he’s managed every part from hiring and staffing to elevating outdoors investor capital with a view to make the investments mandatory to realize scale as a center and back-office help 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 help system that provides expertise, compliance, follow administration and coaching teams, digital advertising, and even ultra-HNW household workplace help, how Jim created Sanctuary’s distinctive partnership construction the place the advisor practices are their very own LLCs however are additionally IARs underneath 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 information and techniques from 1 centralized workstation, Jim and Sanctuary constructed their very own centralized information warehouse referred to as Haven after which layered a third-party enterprise intelligence instrument referred to as Domo on high so every advisor may get their very own degree of enterprise intelligence and benchmark how their practices are doing.

We additionally discuss why, after 25 years, Jim left the wirehouse world and, as a result of a non-compete and non-solicit settlement, took a yearlong journey all over the world and alongside the best way had the conclusion of the Sanctuary alternative to launch his personal advisor platform to supply the independence and partnership he thought wirehouse advisors actually needed and wanted, why Sanctuary owns a stake in a number of the corporations they companion with as Jim discovered there have been some advisors who needed to take at the least a couple of chips off the desk or have been excited about an “fairness swap” so they may 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 remodeled right into a nationwide partnership, Jim is working by means of the challenges of fast development when an advisor platform has to rent dozens of individuals yearly and desires to make sure the groups aren’t solely numerous with expertise however have the proper individuals to maneuver the corporate ahead at its present stage of development and evolution.

And be sure to take heed to the top, the place Jim shares how, regardless of working within the wirehouse world for over 2 many years, he was shocked by how giant the demand for independence is from advisors as increasingly are in search of the autonomy to regulate their shopper, funding, and platform expertise, and most significantly, their very own destinies, why Jim credit his extremely structured day by day schedule as the best way he stays disciplined in conducting day by day calls with companions, staying in contact with what is going on inside the platform, and reaching out to advisors who probably may be a part of Sanctuary’s community… whereas nonetheless making the time to be current in his children’ lives and by no means lacking considered one of 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 individuals you want and belief who all get pleasure from what they do and really care concerning the individuals the enterprise was constructed to serve.

So, whether or not you’re excited about studying about how Sanctuary differs from different advisor platforms and creates ‘partnered independence’ for its advisors, how Jim has dealt with fast development and scaling previously 5 years, or how Sanctuary constructions 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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