#FA Success Ep 320: Navigating Hyper-Development 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 at this time’s podcast is Jim Dickson. Jim is the CEO and Founding father of Sanctuary Wealth, an RIA platform with 80 companion companies in 29 states that collectively oversee almost $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 way in which he’s managed all the pieces from hiring and staffing to elevating exterior investor capital with the intention to make the investments mandatory to realize scale as a center and back-office help platform for impartial advisors.

On this episode, we discuss in-depth about how Jim constructed Sanctuary’s “Partnered Independence” platform for advisors who need to run their very own practices serving HNW shoppers whereas leveraging Sanctuary Wealth’s help system that provides know-how, compliance, observe administration and coaching teams, digital advertising and marketing, 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 preserve 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 had been used to gaining access to all their information and methods 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 device 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, attributable to a non-compete and non-solicit settlement, took a yearlong journey all over the world 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 companion with as Jim discovered there have been some advisors who wished to take at the very least a couple of chips off the desk or had been all in favour of an “fairness swap” so they might develop with a small piece of a much-larger pie as an alternative 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 way of the challenges of speedy development when an advisor platform has to rent dozens of individuals yearly and desires to make sure the groups will not be solely various with expertise however have the best folks to maneuver the corporate ahead at its present stage of development and evolution.

And make sure to hearken 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 an increasing number of 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 each day schedule as the way in which he stays disciplined in conducting each day calls with companions, staying in contact with what is occurring throughout the platform, and reaching out to advisors who doubtlessly 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 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 take pleasure in what they do and actually care concerning the folks the enterprise was constructed to serve.

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

Learn Extra…


Leave a Comment