Many think that the breakaway movement is driven primarily by advisors—that is, those servicing clients and managing books of business yet attracted to the premise of being an entrepreneur and the prospect of building equity in the long term.
No doubt that’s true, but there’s also a trend of some of the biggest and brightest leaders in the industry who are equally motivated to execute their vision beyond the hallowed walls where they honed their leadership skills.
Mike Quin’s 26 years in the industry, for example, was primarily in senior leadership roles at Morgan Stanley, UBS, and, most recently, Wells Fargo Advisors as the Ohio Market Manager, where he was recognized as a Premier Manager each year.
In Mike’s view, his role was to work with financial advisors and their clients. Yet, over time, he felt the big firms were changing their perspective of the client side.
So, like many returning to the office after COVID, Mike and his advisor friends who ran their own practices at Wells found themselves thinking about the value they received from the firm—and whether they could fully serve clients with impunity.
In this episode, Mike joins Louis Diamond to talk about his decision to break away and their extraordinary growth from $1B to $4B, including:
- Specific pain points he experienced at Wells—and how that drives his vision for success.
- Building a team—and how individual advisors came together to create DayMark Wealth Partners.
- Life in a leadership role—and how his experience in the wirehouses differs from that of DayMark.
- The importance of staying true to their clients—and how building with intentionality is helping them to deliver better service.
- Their strategy for growth—and how recruiting the right advisors and teams plays into their plans.
It’s an important conversation with someone who saw the wirehouse world from the top down and is willing to candidly share his experiences—offering sage advice for employee advisors and business owners alike.
Download a transcript of this episode…
