#FA Success Ep 320: Navigating Hyper-Progress To Obtain Platform Scale For Unbiased 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 companion companies in 29 states that collectively oversee practically $25 billion in belongings below 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 all the things from hiring and staffing to elevating exterior investor capital so as to make the investments needed to attain scale as a center and back-office assist 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 assist system that gives expertise, compliance, follow administration and coaching teams, digital advertising and marketing, 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 below 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 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 might get their very own stage of enterprise intelligence and benchmark how their practices are doing.
We additionally speak about why, after 25 years, Jim left the wirehouse world and, because of a non-compete and non-solicit settlement, took a yearlong journey around the globe and alongside the best way had the belief 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 among the companies they companion with as Jim discovered there have been some advisors who needed to take at the very least just a few chips off the desk or have been curious about an “fairness swap” so they may 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 reworked right into a nationwide partnership, Jim is working by way of the challenges of fast development when an advisor platform has to rent dozens of individuals yearly and wishes to make sure the groups will not be solely various with expertise however have the appropriate individuals to maneuver the corporate ahead at its present stage of development 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 stunned by how giant the demand for independence is from advisors as increasingly are looking 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 best way he stays disciplined in conducting every day calls with companions, staying in contact with what is occurring throughout the platform, and reaching out to advisors who probably might be part of Sanctuary’s community… whereas nonetheless making the time to be current in his youngsters’ lives and by no means lacking certainly 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 take pleasure in what they do and actually care in regards to the individuals the enterprise was constructed to serve.
So, whether or not you’re curious 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 up to now 5 years, or how Sanctuary buildings platform charges and advisor compensation, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Jim Dickson.