For many advisors, finding their “North Star” is a journey to identify what’s most important to their businesses and their lives.
That realization often serves as the foundation for a renewed commitment to their firm or as a motivation for change.
Nathan Harris started his career at Merrill in 2006 and joined a team of eight. His experience at the firm was not unlike many other advisors we speak with: He worked with a great team and built a stellar business, yet he started to recognize the firm’s “trend of changes.”
So Nate dove headfirst into due diligence to explore the options available to him. He spoke to “at least a hundred individuals,” as he put it, and filled an entire notebook with information that he and his now partner Jeff reviewed throughout the exercise.
They decided that their North Star was founded on the ethos that a change had to be better not only for their clients but also for their team and themselves.
And one thing came to light early in the process: Each actually could be better.
After exploring a variety of firms and models, they made the leap to independence and launched Covenant Capital with Raymond James independent broker/dealer model in 2021.
In this episode, Nate shares a compelling narrative with Jason Diamond, including:
- The trend line of evolution at Merrill—and how that impacted the decision to make the leap.
- RIA vs. IBD—and what drove the decision to choose the independent broker/dealer model.
- Breaking up a team—and why some chose to stay at Merrill instead of transitioning to Raymond James.
- The process of due diligence—and why he sees it as a valuable exercise any advisor should embark on periodically.
- The logic and emotion of decision-making—and how to account for both.
- Plus, Nate offers really valuable advice on how to assess your business life—and keep your north star at the helm.
Download a transcript of this episode…
