“Constrained.”
It’s a word that many advisors who live in the wirehouse world use when describing the motivations around their move.
It’s a descriptor that demonstrates the feeling of a lack of freedom to serve clients and grow the business in a way that resonates with their vision—and not the mandates of a larger firm, bank entity, or shareholders.
Tony Smith was one of a team of seven at UBS serving HNW clients, generating some $18mm in annual revenue and managing assets in the vicinity of $4.4B.
Yet the feeling that things had changed during his 14-year tenure at the firm had grown stronger over time. Increasing constraints, bureaucracy, and an overall lack of freedom—all threads that Tony saw as a common symptom of life in the big brokerage firms.
And ultimately, the desire to have greater flexibility and autonomy became a strong pull to consider independence.
With two team members having some 5 decades in the industry each, one might think independence was a bridge too far. Yet Tony led the team in their launch of Stonegate Investment Group to achieve what they describe as an unconstrained and highly personalized experience for their high net worth clients.
And since its launch in 2021, Stonegate has grown to managing $6B in client assets.
Tony shares an incredible story of growth with Mindy Diamond, including:
- After growing the business to $4.4B, why Tony and his team chose to explore their options—and why they opted for independence.
- The limitations they experienced at UBS—and how independence offers them greater latitude in serving their clients.
- The complacency plateau—and how never reaching it is key to building an extraordinary business.
- “Your clients, your business, your self”—and why Tony feels it’s a long-term decision that should be thought through in that order.
- And much more.
It’s an incredible story that offers a perspective on why advisors seek change and how that motivation and clarity around goals can result in extraordinary growth—relevant to employee advisors and business owners alike.
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