Why do advisors pursue change?
It often comes down to this statement: “We weren’t able to ‘blank’.”
And for many, that blank is filled in with statements like:
- Serve clients without limitation.
- Build a brand, or market freely to clients and prospects.
- Access a stronger platform or better tech.
- Own the equity and build enterprise value.
And for some advisors, it may be several of the above—and then some.
For example, Angie Ostendarp and Jordan Raniszeski joined forces at Wells Fargo in 2008 and, along with Mary Ware, built a strong practice managing over $1 billion.
But things were changing at the firm, and the limitations multiplied. Over time, it became more difficult to do what was most important to them: That is, to serve their clients.
Ultimately, in March 2023, Angie and Jordan’s due diligence journey landed them at LPL’s Strategic Wealth Services, along with Mary and two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver, with a total of $1.45B under management. Carnegie Private Wealth would become the largest team to join the once-nascent LPL model.
On the supported independence platform, the team was able to create a firm that would answer all their clients’ needs without the heavy lift of building it from scratch.
Angie and Jordan join Louis Diamond to share their journey from Wells to independence, including:
- Building an incredible business at Wells—and how they did so despite limitations they later experienced.
- Their motivations around change—and how they were running from the model and not the firm.
- The feeling of having “outgrown the channel”—and why they felt like they were “no longer in the right place.”
- Their perspective on business ownership—and how that’s impacted their lives.
- The value of education—and how a deep understanding of their options made the decision process less complex.
This episode demonstrates how advisors can reach a point where a firm’s business model may no longer align with the goals and values of a growing practice—and that’s where the value of education comes in. Listen in to learn from this successful team’s experience and point of view.
Download a transcript of this episode…
