The Diamond Podcast for Financial Advisors

Succession and monetization are hot topics for advisors in every model. LPL Financial’s Liquidity and Succession program representatives discuss what advisors, independent business owners, and next gens need to consider as they grow their businesses and explore long-term and short-term options, plus best practices to prepare for a transition and maximize business value.

A special episode designed for firms with their sights set on enhancing recruiting efforts and advisors looking to attract new team members, offering the steps to craft an effective Employer Value Proposition (EVP), with examples on usage and potential impact on hiring success and retention.

Scott Pinkerton of FourThought Private Wealth offers a perspective on outgrowing the independent broker dealer model, transitioning to an independent RIA, and the extraordinary growth realized as a result of the change. Scott unpacks the difference between the models, shares why he opted to sell equity to Focus Financial, and more.

Michael Kim — CEO & President, AssetMark AssetMark CEO Michael Kim explains why advisor growth increasingly depends on creating capacity—and using outsourcing, technology, and AI to spend more time where advisors add the greatest value. In Summary Growth is a priority for nearly every advisory firm. But as client expectations expand and the business of wealth management becomes more complex, growth increasingly depends on an advisor’s ability to create capacity. Jason Diamond speaks with Michael Kim, CEO and President of AssetMark, about why the strongest firms are intentional about where advisors spend their time—and equally intentional about what they delegate, outsource, or automate. Drawing on AssetMark’s work with more than 12,000 independent financial advisors, Michael shares his perspective on organic growth, outsourcing investment management, AI, client experience, scale, and the evolving role of the advisor. His central message is straightforward: Advisors can do almost anything, but they can’t do everything. Sustainable growth requires deciding where they create the greatest value and building the business around it.  The Storyline Michael Kim calls himself a “growth guy.” But his definition of growth goes well beyond adding assets, buying another practice, or simply getting bigger. After working with thousands of independent advisors throughout his career at Fidelity and AssetMark, Michael sees organic growth as one of the clearest measures of the health and durability of an advisory business. And the firms that consistently achieve it tend to have something in common: They treat growth as an intentional business priority rather than something they hope will happen. That creates a more fundamental question: Where should advisors actually spend their time? Michael argues that clients increasingly value the advisor—not simply the portfolio. They want guidance around taxes, wealth transfer, estate planning, business decisions, and the broader issues surrounding their wealth. Yet delivering that level of advice requires capacity. AssetMark’s Annual Impact of Outsourcing Survey, he says, finds that advisors who outsource gain more than nine hours per week—essentially another working day.  AI potentially adds another layer of leverage. Michael sees its opportunity in two areas: productivity and experience. AssetMark’s developing Talk Tracks capability, for example, uses AI to prepare potential talking points and planning opportunities before client meetings. But Michael also cautions against allowing technology to depersonalize the relationship. As clients themselves become more informed through AI, the advisor’s ability to deliver deeply personal, trusted guidance may become even more important.  That brings the discussion back to growth. Advisors are increasingly both trusted counselors and business owners. Building a scalable enterprise means making deliberate decisions about technology, outsourcing, talent, client experience, and where their own time produces the greatest return. Topics Covered Organic growth in wealth management Advisor capacity and productivity Outsourcing investment management AI in wealth management AssetMark Talk Tracks Advisor client experience The advisor as “wealth counselor” Scaling an advisory firm Fee compression and operating leverage RIA growth and independence M&A and access to capital > Download a transcript of this episode… Listen and Learn Highlights for Advisors What separates advisory firms that consistently grow from those that plateau? (12:36)Michael says the most successful growth-oriented firms are intentional about growth. They develop a plan, experiment with new approaches, and—most importantly—execute consistently. Why does Michael consider organic growth such an important measure of an advisory business? (15:27)Organic growth is not simply about adding clients. Michael describes it as a predictor of the health and durability of the business—something that also matters to potential investors and buyers. Should investment management still be a core part of an advisor’s value proposition? (18:42)Michael argues that clients increasingly want something broader: a trusted “wealth counselor” who can help them navigate taxes, wealth transfer, estate planning, and other complex financial decisions. How much capacity can outsourcing actually create for advisors? (23:05)According to AssetMark’s Annual Impact of Outsourcing Survey, advisors who outsource report gaining more than nine hours per week. Michael argues that time can be redirected toward clients and higher-impact business activities. Where does Michael see the greatest opportunity for AI in wealth management? (25:34)He identifies two areas: productivity and experience. AssetMark is embedding AI into advisor workflows, including its Talk Tracks capability designed to surface insights and potential planning conversations before client meetings. Could AI make the advisor-client relationship less personal? (30:12)Michael acknowledges the risk but sees a larger opportunity. As clients arrive better informed through AI, advisors can differentiate through more personal, emotionally connected guidance around the issues that matter most. How should advisors think about scale as fee pressure continues? (41:12)For Michael, scale does not simply mean cutting costs. It means using technology, people, outsourcing, and other resources to deliver a better client experience more efficiently. Where would Michael invest first if he were running an independent RIA? (43:11)Existing clients come first. Before M&A or other growth investments, he would invest in making the client experience stronger and the firm easier to do business with. Key Takeaways Growth requires intention. The firms Michael sees growing most successfully do not treat growth as a side project; they plan for it, invest in it, and consistently execute against it. Organic growth is a measure of business health. Beyond adding assets, it can signal the durability and potential enterprise value of an advisory firm. Capacity has become a strategic advantage. Advisors need to determine which activities require their direct involvement and which can be delegated, outsourced, or automated. The advisor’s value proposition is expanding. Portfolio management increasingly sits alongside tax planning, wealth transfer, estate planning, and other advice that clients expect from a trusted “wealth counselor.” AI should create better conversations, not simply greater efficiency. Michael sees the bigger opportunity in using AI to improve both productivity and the client experience. Scale is not synonymous with cost-cutting. Strategic investments in technology, talent, and outside expertise can allow firms to serve clients better while managing economic pressure. Client experience remains the foundation. Even when presented with opportunities to pursue M&A or other investments, Michael would prioritize strengthening relationships with existing clients first.  https://youtu.be/vqlWGWAD08o Quotable Moments “Growth isn’t something that the advisors do as a hobby. It is arguably the number one priority.” — Michael Kim, 13:18 “Organic growth is the number one predictor of the health of the business.” — Michael Kim, 15:27 “The most important thing that the clients want from that advisor is the advisor, not the portfolio or which ETF that they selected.” — Michael Kim, 19:23 “The advisors can do anything, but they can’t do everything.” — Michael Kim, 23:05 FAQs Why is capacity so important for financial advisor growth? Advisors face expanding client expectations while still having a finite amount of time. Michael Kim argues that creating capacity through outsourcing, technology, AI, and delegation allows advisors to spend more time on client relationships and the activities that have the greatest impact on growth. What does Michael Kim believe drives organic growth for advisory firms? He emphasizes intentionality, planning, creativity, and consistent execution. Rather than treating growth as something that happens naturally through referrals, successful firms make it an ongoing business priority. How can outsourcing investment management help financial advisors? Outsourcing can shift research, portfolio management, trading, reporting, technology, and other functions to providers with greater scale. Michael says AssetMark’s Annual Impact of Outsourcing Survey found that advisors who outsource gain more than nine hours per week. How is AssetMark using AI for financial advisors? AssetMark is embedding AI into advisor workflows with the goal of improving productivity and client experience. Michael discusses Talk Tracks, a capability designed to surface relevant client insights and potential planning conversations before meetings. Will AI replace financial advisors? Michael does not believe it will. Instead, he expects clients to use AI themselves and arrive at advisor meetings better informed. That could make an advisor’s ability to provide trusted, personal, emotionally connected guidance even more valuable. How can advisory firms scale without sacrificing client experience? Michael describes scale as more than lowering costs. Firms can invest in technology, specialized personnel, outsourcing, and other resources that allow them to operate more efficiently while improving the quality and breadth of the client experience.  Advisors face expanding client expectations while still having a finite amount of time. Michael Kim argues that creating capacity through outsourcing, technology, AI, and delegation allows advisors to spend more time on client relationships and the activities that have the greatest impact on growth. He emphasizes intentionality, planning, creativity, and consistent execution. Rather than treating growth as something that happe

With Louis Diamond and Mindy Diamond Louis and Mindy Diamond explore why successful financial advisors can feel stuck despite thriving businesses—and how agency, enterprise value, risk, legacy, and a clear true north can help them evaluate what comes next. In Summary Successful advisors by definition have thriving businesses, loyal clients, and enviable careers—yet still wonder whether comfort has replaced energy. Louis and Mindy Diamond examine why success itself can make change harder, how the desire for agency competes with the disruption of a transition, and why record practice valuations, longer careers, and expanded optionality are prompting more advisors to question the status quo. They also offer practical questions to help advisors clarify their true north, risk tolerance, time horizon, and legacy before deciding whether to stay or explore something new. The Storyline By every external measure, top advisors today are doing exceptionally well. They have strong production, loyal clients, growing teams, and successful businesses. Yet some privately wonder why the work no longer feels as satisfying as they expected. Louis and Mindy explain that the tension is not a sign of failure. For many advisors, it appears after they have succeeded and can see another 15 or 20 years of more of the same ahead. The question becomes whether their business still gives them the agency, control, and professional energy they want. That distinction between comfort and energy can be difficult to recognize. An advisor may enjoy an excellent quality of life and a business that runs smoothly while still feeling comfortably uncomfortable. The catalyst is often not a breaking point, but a renewed desire to build, grow, create enterprise value, or leave a different legacy. Success also creates powerful reasons to stay. A healthy pipeline, loyal clients, unvested compensation, retire-in-place programs, and the short-term disruption of a transition can make change difficult to justify. At the same time, record valuations, longer careers, multigenerational teams, and a broader range of firm and affiliation models have made the opportunity cost of staying more visible. The discussion does not assume that every advisor should move. Instead, Louis and Mindy focus on how to make an intentional decision: define your true north, identify what you are trying to solve for, assess your tolerance for risk and disruption, and learn what is possible before committing to a change. Topics Covered Why successful advisors can feel stuck Agency, control, and professional satisfaction Comfort versus energy in a thriving business Defining an advisor’s true north When more of the same becomes a constraint Fear of change versus fear of standing still Recruiting deals, practice valuations, and enterprise value Longer careers and multigenerational teams Risk tolerance, disruption, and client portability Creating clarity without committing to a move > Download a transcript of this episode… Listen and Learn Highlights for Advisors What feels different for successful advisors today? (02:09)Mindy explains why top advisors are increasingly willing to examine the status quo as their choices expand and the value of their businesses rises. Why can objectively successful advisors still feel unsettled? (04:51)Mindy identifies agency as a central need for top advisors and explains why a loss of control can create deep frustration even when the business is performing well. What does a fire in the belly reveal? (08:22)Mindy shares the example of a highly successful wirehouse team whose interest in change comes from a desire for renewed energy and legacy, not from a final breaking point. How is being comfortable different from being energized? (11:53)Louis and Mindy explore the difference between a business that provides an excellent life and one that still feels professionally satisfying, including the feeling of being comfortably uncomfortable. When does more of the same become a constraint? (17:49)They discuss how repeating a successful formula can continue to produce results while limiting growth, ownership, or the entrepreneurial spark an advisor wants to pursue. How do advisors reconcile fear of change with fear of standing still? (27:16)Mindy and Louis explain why those competing concerns can persist for years and how a firm decision, a compelling opportunity, or a moment of personal clarity can shift the balance. Why is this question surfacing more often now? (29:48)Record valuations, elevated recruiting deals, expanded optionality, peer movement, longer careers, and next-generation needs are changing how advisors assess the cost of staying. Which questions should advisors ask before considering a move? (36:35)Mindy and Louis outline questions about true north, frustration, risk appetite, disruption, legacy, time horizon, and the regret of never testing what might be possible. Key Takeaways Success and professional fulfillment are not the same thing. An advisor can have strong growth, loyal clients, and an excellent quality of life while still feeling that comfort has replaced energy. Agency is a core need for many top advisors. Firm policies, compensation changes, technology limits, or other decisions can feel especially disruptive when they reduce control over the business or client experience. Good enough can become a constraint. A proven business model may continue to work financially while limiting growth, ownership, enterprise value, or the professional satisfaction an advisor wants next. Success creates powerful inertia. A strong pipeline, unvested compensation, retire-in-place programs, client relationships, and the disruption of a transition can all make the status quo difficult to challenge. The opportunity cost of staying has become more visible. Record valuations, elevated recruiting deals, broader affiliation choices, longer careers, and peer movement give advisors more reasons to understand what else may be possible. True north should come before due diligence. Advisors need to define what they want to solve for and how they weigh control, risk, enterprise value, legacy, and time horizon before evaluating firms or models. Education does not require a move. Self-awareness and a clear view of the available options can help an advisor make an intentional decision, including the decision to stay. https://youtu.be/nrmtRBlJJVs Quotable Moments “I’m comfortably uncomfortable.” — Mindy Diamond “You’ve always got to be really clear on what your true north is.” — Mindy Diamond “Which regret is bigger to you, trying something and failing or never testing what’s possible?” — Louis Diamond “It’s okay to want more. There’s nothing wrong with you for wanting more. At the same time, there’s nothing wrong about being comfortable.” — Louis Diamond FAQs Why do successful financial advisors feel stuck even when their businesses are thriving? External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. What does agency mean for a financial advisor? Agency is control over an advisor’s professional life and business. It can include how the advisor serves clients, uses technology, builds a team, makes decisions, and plans for growth or succession. Is being comfortable in a business the same as being energized by it? Not always. Comfort can reflect a strong business, good income, loyal clients, and a healthy quality of life. Energy comes from feeling engaged by what the advisor is building and where the business is headed. Why can success make it harder for an advisor to change firms? Successful advisors often have more to disrupt, including client relationships, team dynamics, a growing pipeline, unvested compensation, and valuable retire-in-place benefits. The immediate costs and risks of a transition can outweigh a benefit that may be larger over the long term. Why are more successful advisors questioning the status quo now? Practice valuations and recruiting deals are high, the range of affiliation models has expanded, and advisors see respected peers make changes. Longer careers and the needs of next-generation partners also give many teams more time and reason to reconsider their future. What is an advisor’s true north? True north is the set of priorities that should guide an advisor’s decision. It defines what the advisor wants to build, what needs to change, and how factors such as control, ownership, legacy, risk, and time horizon should be weighted. What should an advisor ask before considering a move? Key questions include what is causing frustration, how significant it is, what outcome the advisor wants, how much disruption and client risk the team can tolerate, and whether staying in the same place for another 10 or 15 years would still feel satisfying. How can an advisor create clarity without committing to change? Start with self-awareness, then learn what options exist through informed conversations and competitive analysis. Understanding the landscape can strengthen a decision to stay or reveal a better fit without obligating the advisor to move. External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. Agency is control over an advisor’s professional life and business. It can include how the advisor serves clients, uses technology, builds a team, makes decisions, and plans for growth or succession. Not always. Comfort can reflect a strong business, good income, loy