There are so many great things about this breakaway story that we had a difficult time trying to pinpoint that “one thing” that was unique and buzzworthy.
But the reality is that Monish Verma’s break from UBS to independence doesn’t have one special thing that we can share with you.
It has dozens.
Monish describes what is an incredibly instructive journey, starting with the thought process when considering change, on through to due diligence and decision-making, and ultimately how his choice to go independent is resonating today.
A wealth management career that started in 1995 with Dean Witter and later Morgan Stanley, Monish moved to UBS in 2009 with $60 million in assets. As a sole practitioner, he set his sights on a path to grow the business and later added a sales associate.
And it was that focus and a concerted effort to drive referrals that accelerated the growth of assets under management to over $350 million.
Monish is clear to share his gratitude for all that he was able to achieve at UBS but one thing was lacking: Autonomy.
He wanted greater agency in how he served clients, grew the business and hired team members—but he was limited by what UBS allowed.
So he explored options in the landscape, coming close to choosing a transition deal with an outsized check—yet it was the strings attached that made him think twice.
Instead, Monish was attracted a supported independence option from Summit Financial and in May 2021, he launched Vardhan Wealth Management.
And in the process, sold a portion of the business to gain equity in Summit—a move that he describes as a “partnership.”
In this episode, Monish shares his journey with Louis Diamond, including:
- The choice to go independent vs. taking a wirehouse transition deal—and how he reconciled foregoing an outsized recruitment check.
- Opting not to launch his own RIA firm—and the value he sees in launching his business with Summit Financial instead of going it alone.
- The decision to sell equity right out of the gate—and how doing so served to solidify his partnership with Summit.
- Making a non-Protocol move from UBS—and how that impacted his transition.
- A thorough due diligence process—and how exploring options “not on his radar” helped to inform his ultimate decision.
Monish shares a journey that offers valuable lessons on how clarity of goals and vision can help lead you toward the right destination. And even when presented with what was an outstanding deal in the short-term, he saw greater value and opportunity in the long-term.
Download a transcript of this episode…
