The Diamond Podcast for Financial Advisors

John O’Connell, Founder and Chief Executive Officer of The Oasis Group   With hundreds of AI solutions entering wealth management, how can financial advisors determine which tools are worth adopting? John O’Connell, Founder and CEO of The Oasis Group, shares practical guidance on AI implementation, technology selection, data integration, and risk management—and explains why solving the right business problem matters more than adopting the latest technology. In Summary Artificial intelligence is creating new opportunities for financial advisors to improve efficiency, strengthen client relationships, and build more scalable businesses. But with AI capabilities evolving almost daily, determining where to start – and which solutions will deliver meaningful results – has become increasingly complicated. John O’Connell, Founder and CEO of The Oasis Group, works with RIAs, broker dealers, trust companies, and family offices to evaluate, implement, and integrate technology. His firm’s AI WealthTech Map has grown from 17 to 135 companies in approximately 18 months, offering a revealing look at the expanding universe of AI solutions available to advisors. In this conversation with Louis Diamond, John explains how firms can identify valuable AI use cases, evaluate vendors, establish appropriate safeguards, and prepare for a future in which clients are becoming increasingly sophisticated users of AI themselves. His central message: Start with the business problem, become an educated buyer, and remember that human judgment remains essential. The Storyline The challenge isn’t finding AI. It’s knowing what to do with it. A new AI tool launches, an existing wealth management platform announces additional capabilities, or a colleague shares an impressive demonstration. For advisors eager to improve efficiency and stay competitive, the temptation to adopt the latest technology is understandable. But John O’Connell believes that approach often puts the technology ahead of the business need. As Founder and CEO of The Oasis Group, John helps wealth management firms make smarter technology decisions, from selecting and implementing platforms to integrating data and developing effective workflows. His experience offers a perspective on both the opportunities AI creates and the practical challenges firms encounter when putting it to work. And those challenges are becoming more complicated. The Oasis Group’s AI WealthTech Map now includes 135 individual companies, representing approximately 550 variations of capabilities and licensing options. That doesn’t include established wealth management technology providers that are incorporating AI into their existing platforms. For advisors, the sheer number of choices makes it increasingly important to understand what they’re buying, what their existing technology can accomplish, and whether a new solution will actually solve a problem. John’s advice is to start small, but think strategically. He shares a surprisingly simple first use case: Ask AI to interview the employee who knows how to perform an undocumented business process. The result can be a documented workflow that reduces operational risk while helping employees learn how to use AI effectively. From there, firms can begin identifying opportunities with greater potential impact, including client acquisition, internal knowledge management, operational efficiency, and business scalability. But successful implementation requires more than identifying promising applications. John explains why advisors should establish detailed requirements before attending vendor demonstrations, understand the limitations of APIs and Model Context Protocols (MCPs), and create AI policies that address data protection, employee training, and accountability. The conversation also examines an important distinction between employee and independent advisors. While large firms have substantial technology resources, independent advisors may have greater flexibility to adopt emerging tools and develop AI capabilities more quickly. John believes that advantage is particularly relevant as clients increasingly use AI to analyze financial plans, evaluate investment costs, and question recommendations. Ultimately, he sees AI as an opportunity to strengthen – not replace – the value of human financial advice. By automating certain tasks and making information more accessible, advisors can spend more time developing relationships, exercising judgment, and helping clients navigate the complex personal decisions that technology alone cannot address. Topics Covered AI adoption in wealth management: Why implementing AI successfully requires more than purchasing software or activating existing features. Identifying the right AI use cases: How to prioritize business problems, operational bottlenecks, and opportunities for meaningful improvement. Practical applications and ROI: From documenting workflows and improving meeting management to strengthening referrals and internal knowledge sharing. Evaluating AI vendors: Why detailed business requirements should drive technology selection, rather than impressive demonstrations. Wirehouse versus independent AI capabilities: How technology control, implementation speed, and open architecture influence advisors’ ability to adopt AI. The expanding AI WealthTech landscape: What The Oasis Group’s map reveals about the growing number of solutions available to financial advisors. Technology integration and data access: Understanding APIs, MCPs, and direct data feeds—and why connectivity alone doesn’t guarantee functionality. AI governance and cybersecurity: Establishing acceptable use policies, protecting client information, and maintaining human accountability. Training the next generation of advisors: How AI is changing traditional responsibilities and creating new opportunities for professional development. The future of human financial advice: Why AI may enable advisors to serve more clients while making personal relationships and judgment even more valuable. > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why adopting AI isn’t the same as being ready to use it (10:02)John explains why simply activating tools like Microsoft Copilot rarely produces meaningful organization-wide adoption. Training, clearly defined use cases, and appropriate safeguards are essential to getting value from AI investments. Where financial advisors should start with AI (13:27)Rather than attempting to integrate every system and data source, John recommends beginning with a manageable business problem. He demonstrates how AI can document an employee’s specialized knowledge, reduce operational risk, and build confidence in the technology. How AI can create value beyond meeting notes (16:22)AI note-takers can improve efficiency, but their value depends on how firms use the time they save. John also discusses using AI to understand referral sources, identify what clients value, and improve business development. How to evaluate AI vendors without getting distracted by the demo (22:55)John introduces the MoSCoW framework (must-have, should-have, could-have, and won’t-have requirements) and explains how firms can use it to make better technology decisions. Why independent advisors may have an AI advantage (27:18)John compares the technology adoption capabilities of large employee firms and independent businesses, explaining why flexibility and implementation speed can create a meaningful advantage as AI evolves. What 135 AI WealthTech companies reveal about the market (33:21)The Oasis Group’s AI WealthTech Map illustrates the expanding range of available solutions. John explains how advisors can use a client-journey approach to identify relevant technology and avoid unnecessary purchases. What advisors need to understand about AI integrations (36:48)MCPs, APIs, and direct data feeds promise greater connectivity, but their usefulness depends on which information they make available. John explains why advisors need to understand their data requirements before selecting a solution. What an effective AI policy should include (42:41)John outlines essential governance considerations, including approved tools, vendor vetting, model testing, incident response procedures, and the responsibility of advisors to validate AI-generated information. How AI is changing the development of younger advisors (48:33)As technology takes over administrative responsibilities, firms must reconsider how junior advisors learn the skills that matter most, including client observation, diagnostic questioning, and relationship development. Why AI may ultimately expand the reach of financial advice (52:13)John explains why he sees AI as an opportunity rather than a threat. Greater efficiency could allow advisors to serve more families while preserving the human empathy and judgment clients need during important life events. Key Takeaways Start with the problem, not the technology. Identify an operational challenge or business opportunity before evaluating AI tools. A small, well-defined use case can provide immediate value while helping a firm develop the skills needed for broader implementation. AI adoption requires training and accountability. Providing employees with access to AI doesn’t guarantee effective use. Firms need clear policies, practical training, and processes for reviewing and validating AI-generated results. Become an educated technology buyer. Document business requirements, prioritize essential capabilities, and ask vendors to demonstrate how their solutions address specific needs. A compelling demonstration is no substitute for functional compatibility. Understand what your data integrations actually provide. An MCP or API connection is only useful if it makes the information required for a particular workflow available. Advisors should evaluate data access as carefully as the technology itself. Technology flexibility can in

Steve Chubak, Managing Director at Wolfe Research What can advisors learn from the way institutional investors evaluate wealth management firms? Wolfe Research’s Steve Chubak offers a different lens on growth, recruiting, AI, pricing, M&A, and what separates stronger firms from the rest. In Summary Financial advisors and institutional investors often evaluate the same wealth management firms—but from very different vantage points. Advisors may be asking whether a firm offers the platform, technology, economics, and resources they need to serve clients and grow their businesses. Institutional investors are digging into another set of questions: Is that growth sustainable? What does it cost? How effectively is the firm deploying capital? And what could change its economics over time? Steve Chubak, Managing Director at Wolfe Research, spends his days studying those questions across the wealth management ecosystem. His research covers firms ranging from wirehouses and regional brokerages to custodians, broker dealers, and alternative asset managers. Here, Steve brings that institutional perspective to the issues that matter directly to advisors. He explains why investors increasingly distinguish between growth generated by recruiting and growth generated by existing advisors, how rising transition assistance is changing the economics of recruiting, and why organic growth remains one of the most important measures of a firm’s health. The discussion also explores AI’s potential impact on productivity, advisor fees, and firm pricing; the evolving economics of cash sweeps and platform fees; the Vanguard-Altruist transaction; consolidation across the industry; and why human advice may prove more resilient than some predictions suggest. The result is a different framework for evaluating the firms advisors work for, partner with, or may someday consider joining. The Storyline Steve occupies a unique seat in the wealth management industry. Rather than evaluating firms as an advisor, recruiter, or executive, he studies them on behalf of institutional investors. His team at Wolfe Research looks across the wealth management ecosystem and analyzes how individual firms are positioned, where growth is coming from, what it costs to generate that growth, and what risks could alter the outlook. That distinction drives the conversation. Jason initially asks what institutional investors may see that retail investors and advisors miss. But the discussion reveals something more useful: Both groups are trying to answer many of the same fundamental questions, just for different reasons. An investor may want to know whether a firm’s organic growth can support its stock price. An advisor considering that firm wants to know whether its platform, economics, technology, and strategy can support their business for years to come. The overlap leads into a deeper discussion of advisor movement and recruiting. Steve explains why investors increasingly care not just about net new assets, but about the cost of acquiring them. As transition packages have risen, the market has become more focused on the difference between “new store” growth generated through recruiting and “same store” growth generated by advisors already on the platform. From there, the conversation turns to AI—not simply as a technology story, but as a potential catalyst for broader changes in wealth management economics. Steve sees significant potential for AI to improve advisor productivity and platform efficiency while raising longer-term questions about pricing, cash monetization, and how firms get paid. This naturally connects to cash sweeps, platform fees, consolidation, M&A, and the competitive positions of some of the industry’s largest firms. Ultimately, Steve’s institutional lens offers advisors another way to evaluate a firm: Look beyond the recruiting package or headline growth number and ask whether the business underneath it is durable. Topics Covered How institutional investors evaluate wealth management firms What advisors and institutional investors may learn from one another Why advisor movement matters to investors Organic growth, net new assets, and the cost of asset acquisition “Same store” versus recruiting-driven growth Rising transition assistance and recruiting economics AI’s impact on advisor productivity and platform efficiency Potential long-term pressure on advisor fees and pricing Cash sweeps, cash monetization, and platform fees Why transparent pricing could better align firms, advisors, and clients The Vanguard-Altruist transaction and the RIA custody landscape The competitive positions of Morgan Stanley, LPL, and Schwab Private equity-backed wealth management firms and leverage How firms should balance recruiting growth with capital discipline Why human financial advice may remain resilient in an AI-driven world The KPIs Steve uses to evaluate wealth management businesses Data ownership, AI, and the potential case for self-clearing M&A, industry consolidation, and why strategic buyers may have to “buy it twice” > Download a transcript of this episode… Listen and Learn Highlights for Advisors How the institutional view differs from the advisor view — 08:05Steve explains why institutional investors tend to go much deeper on individual companies, competitive positioning, and the “game theory” behind industry change, while advisors often take a broader, relationship-driven view. Why advisor movement matters to Wall Street — 11:28Jason connects Steve’s research directly to the questions advisors ask when evaluating firms. Steve explains why organic growth, net new assets, and the cost of recruiting advisors receive significant attention from institutional investors. Why all growth isn’t created equal — 13:38As recruiting packages have increased, investors have become more discerning about the quality and cost of growth. Steve explains why growth generated by existing advisors can sometimes be more attractive than growth purchased through recruiting. AI: Productivity opportunity or pricing threat? — 16:09Steve describes himself as moderately bullish on AI, particularly because of its potential to improve advisor productivity and platform efficiency, while acknowledging longer-term questions around monetization and pricing. Rethinking cash sweeps and platform fees — 17:55Steve breaks down how firms monetize client cash and makes the case for a more transparent pricing structure that could better align the economics of clients, advisors, and firms. What Vanguard-Altruist could mean for RIA custody — 23:53Steve puts the transaction into perspective and discusses Altruist’s potential to move upmarket, while explaining why Schwab’s breadth, scale, technology, and product offering remain formidable competitive advantages. Which firms could keep gaining share? — 26:54The discussion turns to Morgan Stanley, LPL, and Schwab and why Steve believes each could continue consolidating share within its respective channel. The economics behind increasingly large recruiting deals — 30:48Jason and Steve debate how much firms should spend to recruit advisors, the importance of capital discipline, and whether maximizing recruiting growth is always worth the cost. Will AI force advisors to lower their fees? — 35:43Steve sees potential for some pricing pressure but explains why advisory fees have historically demonstrated greater resilience—and why increasingly sophisticated advice may help preserve that value. Why the last 20% of advice may matter most — 38:50Using his own experience trying to replace a lawyer with an LLM, Steve explains why technology can get surprisingly far while still leaving a critical gap where human expertise, judgment, and reassurance matter. The KPIs that reveal the health of a wealth management firm — 40:51Steve shares the metrics he looks at first, including organic growth and operating leverage, and explains why unusually low expense growth can sometimes signal underinvestment rather than strength. What could drive the next wave of industry change — 42:18Data ownership, AI, self-clearing, M&A, and consolidation come together as Steve considers what firms may need to control – and invest in – to remain competitive. Key Takeaways Look beyond headline growth. Recruiting success and strong net new asset numbers can be impressive, but Steve’s institutional framework asks a second question: What did that growth cost? As transition assistance has increased, investors have become more focused on the quality of growth—not simply its quantity. For advisors evaluating a firm, that same question can reveal whether its strategy appears sustainable. Organic growth may tell you more about a platform than recruiting alone. A firm that helps its existing advisors grow can demonstrate something important about the strength of its platform, technology, service, and capabilities. Steve describes organic growth as one of the first metrics he examines when evaluating a wealth management business. AI’s biggest impact may come through its knock-on effects. The immediate opportunity is productivity. The longer-term questions involve pricing, cash monetization, platform fees, data ownership, and competitive positioning. Rather than viewing AI as a standalone technology issue, Steve considers the “game theory” around how one change could force responses across the industry. Firm economics matter to advisors—even if they never plan to become investors. A firm’s capital allocation, growth strategy, recruiting costs, technology investment, and revenue model can ultimately affect the advisors who work there. For an advisor evaluating a potential firm, model, or equity partner, understanding the health of the underlying business can add another dimension to the decision. Human advice still has a powerful value proposition. Steve points to the limited adoption of robo advice relative to early predictions as one reason not to assume technology will eliminate dem

Michael Lee & Steve Armaly—Founders & Managing Partners, Ox Road Capital After leaving UBS to launch Ox Road Capital, Michael Lee, Steve Armaly, and their partners crossed $1B in AUM in just 225 days. They share how years of client trust, partner alignment, and a client-first vision helped make an extraordinary transition possible. In Summary When Michael Lee, Steve Armaly, and their partners left UBS to launch Ox Road Capital, they walked out the door without client information or a single dollar in assets at their new firm. Just 225 days later, Ox Road crossed $1B in AUM. But that extraordinary result was years in the making. Mike and Steve join Mindy to share the story behind the transition: why a highly successful $1.2B UBS team decided its vision had outgrown the employee model, how four partners worked through very different perspectives to reach alignment, and why they ultimately chose independence over the significant recruiting economics available elsewhere. They also discuss the realities of leaving a non-Protocol firm, how clients responded, and why years spent building trusted relationships became one of their most valuable assets during the transition. Today, with approximately $1.1B in AUM, a 93% retention rate, six additional team members, and a growing new-business pipeline, Ox Road is beginning to realize the larger vision behind the move: greater control over resources, technology, marketing, staffing, and the client experience. The Storyline For Mike, the idea of independence dates back to 2009. The entrepreneurial instinct was there, but the infrastructure, economics, and timing weren’t. He joined UBS instead and, over the next 16 years, helped build an extraordinarily successful business. Steve had a similar entrepreneurial streak. Together with partners Brian Blackburn and Jeff Allen, they built an integrated team around financial planning, client service, and portfolio management—and a belief that people perform best when they can “soar with their strengths.” Success, however, eventually created a different question: Could the business they wanted to build continue to thrive within the structure of a traditional firm? Their answer did not come quickly or unanimously. The four partners spent roughly a year working toward alignment, at one point turning to an outside counselor to help them navigate differences that threatened a partnership they considered more important than any particular firm or business model. Once aligned, their priority became clear: Any move had to make things better for clients first. With Diamond Consultants helping them understand a rapidly evolving landscape and evaluate the range of available options, the team ultimately chose to build Ox Road Capital through LPL Strategic Wealth Services. Then came the real test. Leaving non-Protocol UBS meant walking out without client information and trusting that years of doing right by clients would matter. The response offered a powerful answer: Ox Road crossed $1B in AUM just 225 days later. The story is ultimately less about how quickly $1B moved than about everything that happened before it could: years of service, transparency, partnership, and trust. Topics Covered Why Mike first considered independence in 2009—and why the timing wasn’t right The meaning behind the Ox Road name and its connection to humility, service, sacrifice, hard work, and teamwork How four partners built an integrated team around complementary strengths Why partner alignment became one of the hardest parts of the decision When their successful UBS practice began to outgrow the employee model Why serving clients better became the team’s “true north” The economics of choosing long-term ownership over a large recruiting package How the independence landscape has evolved for billion-dollar wirehouse teams Diamond Consultants’ role in helping the team understand and narrow the opportunity set The risks and realities of leaving a non-Protocol firm How years of client trust contributed to a 93% retention rate Why they selected LPL Strategic Wealth Services How greater control is changing staffing, technology, marketing, and the client experience Ox Road’s plans for organic growth and M&A > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why four successful partners weren’t immediately aligned around independence. (12:09)Mike and Steve describe their unusually close partnership, why they make major decisions unanimously, and what happened when the prospect of leaving UBS exposed differences they had never confronted before. When a successful wirehouse practice can begin to outgrow its environment. (17:11)They explain how a desire to build an enduring enterprise, mentor the next generation, and invest more heavily in white-glove service created growing friction with the limitations of the employee model. Why the client had to come first in any decision to move. (26:25)Steve explains the principle that ultimately aligned the partners: A move could improve their own lives, but it first had to create a better experience for their clients. How they evaluated independence—and the economics they were willing to leave behind. (27:49)The partners discuss the financial and personal considerations behind choosing ownership for the long term rather than pursuing a significant recruiting package. What it means to leave a non-Protocol firm with nothing. (32:19)Mike and Steve describe the legal guidance, uncertainty, and leap of faith involved in leaving UBS without client information—and why clarity around their decision helped them manage the risk. How years of client trust helped move $1B in 225 days. (33:32)The team started Ox Road with zero AUM. Mike and Steve explain how clients responded, why there was no elaborate “pitch,” and how years of comprehensive planning, transparency, and service created goodwill long before the transition. What independence has allowed them to change. (39:20)From building their own technology stack to redirecting resources, expanding marketing, and adding staff, Mike and Steve share how greater control is allowing them to “level up” the client experience. Why they chose LPL Strategic Wealth Services. (42:15)Mike explains why the partners wanted control over the P&L, staffing, branding, marketing, and resource allocation while relying on LPL for areas such as cybersecurity and compliance. What’s next for Ox Road Capital. (45:51)With the first-year transition behind them, the partners are turning toward the next phase of the enterprise, including continued organic growth and potential M&A. The advice they’d give advisors who are afraid to make a change. (46:45)Steve returns to the principle at the heart of their story: Honor the client-advisor relationship, understand why you’re considering change, surround yourself with trusted counsel, and don’t underestimate the value of relationships built through years of serving clients well. Key Takeaways Trust is built long before it is tested. Ox Road’s $1B transition didn’t happen in 225 days. In many ways, it took decades. Mike and Steve attribute the outcome to years of comprehensive planning, consistent communication, transparency, and putting clients first. When the team announced its departure, clients already understood who their advisors were and how they made decisions. Partner alignment deserves as much attention as firm selection. For a multi-partner team, determining where to go may be easier than agreeing on whether to go. Ox Road’s four partners spent roughly a year working through different risk tolerances, life circumstances, and priorities before reaching unanimity. Protecting the partnership remained their highest priority throughout the process. The independence opportunity set has changed dramatically. Mike first considered independence in 2009 but concluded that the operational and financial hurdles were too great. Years later, the team discovered not only that the ecosystem had matured, but that the range of models and support structures had evolved substantially even within the previous five years. Ownership was about control, not simply economics. The team could have pursued a significant recruiting package elsewhere. Instead, they wanted the ability to decide how revenue would be reinvested into people, technology, marketing, and client service—and to build an enterprise designed to outlive its founders. Independence doesn’t have to mean doing everything yourself. Ox Road wanted control over the areas it considered essential while avoiding responsibility for functions such as cybersecurity and compliance. LPL Strategic Wealth Services offered a model that allowed the partners to own and operate their business while leveraging outside scale and infrastructure. https://youtu.be/uMAB3lYqPo8 Quotable Moments On partnership:“Our arms are locked together as four partners.” On what ultimately mattered most:“Everything had to point to it being better for the client.” On making a non-Protocol move:“It was a leap of faith to do that because you literally have to walk out with nothing. And we did.” On the difficulty of transition:“Nothing good is easy and transitioning isn’t easy, but it is certainly worth it.” On the foundation for a successful transition:“So much of the hard work is just in how you’ve been running your business that allows you to transition well.” On client loyalty:“It truly is the relationship between the client and the advisor.” On what clients did after the move:“They’ve rallied around us where we have always rallied around them.” On ownership and control:“The ability to control the P&L, the hiring and firing, the allocation of resources, the marketing, the branding—all of the things that were of paramount importance to us—we can do.” On the next chapter:“We have a responsibility to be difference makers.” FAQs Why did the Ox Road Capital team leave UBS? The partners believed the business they wanted t

A Special Industry Update with Louis Diamond and Jason Diamond Wirehouse advisor movement accelerated sharply in the first half of 2026. Louis and Jason Diamond unpack the numbers, the forces driving them, and what they reveal about an increasingly competitive advisor marketplace. In Summary Wirehouse advisor movement reached a notable pace in the first half of 2026. Across Merrill, Morgan Stanley, UBS, and Wells Fargo, 1,449 experienced advisors left while 932 joined—a net decline of 517 advisors in just six months. Yet those aggregate numbers obscure four very different firm-level stories and a much broader shift in the competitive landscape.  Louis and Jason Diamond unpack the findings from Diamond Consultants’ 2026 H1 Advisor Transition Report: Wirehouse-Focused Edition, looking beyond headcount to examine where advisors are going, why large teams are moving, what recruiting economics look like, and why wirehouses continue to win sophisticated advisors even as overall attrition rises. The larger story may be one of expanding choice. More than 200 firms recruited at least one wirehouse advisor during the first half of the year, giving advisors more ways to match their business, economic, cultural, and client-service priorities with a model that fits.  Want to go deeper into the data? Download Diamond Consultants’ 2026 H1 Advisor Transition Report: Wirehouse-Focused Edition for the complete findings, firm-by-firm analysis, advisor destination data, recruiting economics, and representative transitions. Download the Full Report → The Storyline Wirehouses remain home to some of the largest and most sophisticated financial advisor businesses in the industry. But the market competing for those advisors has changed dramatically. That makes the movement captured in the first half of 2026 particularly revealing. At first glance, the headline is attrition: The four wirehouses lost 517 advisors on a net basis in six months. Dig deeper, however, and the picture becomes far more nuanced. Wells Fargo and Morgan Stanley were net winners, while Merrill and UBS experienced significant net losses. Nearly half of departing wirehouse advisors chose some form of independence, yet more than half remained within an employee model. And 41 teams managing more than $500mm left a wirehouse—including 20 managing $1B or more.  Louis and Jason examine what is behind those numbers. Their discussion looks at the push factors driving some advisors to reconsider their firms and the increasingly diverse pull factors drawing them elsewhere. Jason describes a marketplace in which the four wirehouses no longer compete primarily with one another, but with regional firms, boutiques, independent broker dealers, RIAs, platform providers, and other emerging models.  They also examine why the movement of the industry’s largest teams deserves particular attention. These advisors often have significant resources, strong economics, access to senior leadership, and well-served clients at their existing firms. Yet some are concluding that having more to lose can also mean having more to gain—whether through greater control, enterprise value, culture, branding, or another business priority.  The result isn’t a simple story of wirehouses losing and independence winning. It is a story about a marketplace with more credible choices – and more competition for successful advisors – than ever before. Topics Covered H1 2026 wirehouse advisor movement and net attrition Merrill, Morgan Stanley, UBS, and Wells Fargo recruiting trends Wirehouse-to-wirehouse movement vs. advisor independence Large-team and $1B+ advisor transitions Push and pull factors driving advisor movement Wirehouse, regional, and boutique recruiting deals RIA valuations and private equity-backed acquisitions Enterprise value and advisor ownership Retire-in-place programs and compensation changes AI and technology as recruiting considerations The expanding universe of advisor affiliation models > Download a transcript of this episode… Listen and Learn Highlights for Advisors What does the headline wirehouse attrition number really tell us? (04:28)Jason explains why the 517-advisor net decline is significant, but also why headcount alone provides an incomplete picture of advisor movement. Why is wirehouse advisor movement accelerating? (06:33)The discussion turns to the push factors creating frustration inside firms and the pull factors created by a far broader and more competitive marketplace of alternatives. Why are Wells Fargo and Morgan Stanley outperforming their wirehouse peers? (11:23)Louis and Jason break down the four firms individually, including Morgan Stanley’s organic growth engine and Wells Fargo’s recruiting resurgence. What’s behind the notable movement out of UBS? (16:25)Jason looks beyond advisor count to the size and quality of the teams leaving UBS, while Louis considers the tension that can arise between corporate strategy and what individual advisors want from their firm. Is the real story independence or the explosion of advisor choice? (20:46)While 46% of departing wirehouse advisors chose independence, the conversation reveals an equally important trend: advisors are moving across a much broader range of W-2 and independent models. Why does the movement of $500mm and $1B+ teams matter so much? (26:01)Jason explains why these highly successful teams have both the greatest optionality and, potentially, the most to gain from reconsidering their model. Why do wirehouses remain formidable recruiters? (30:42)Brand, familiarity, investment capabilities, banking and lending, alternatives, and competitive recruiting deals continue to make the wirehouse model attractive to many sophisticated advisors. What are firms paying to recruit top wirehouse teams? (36:02)Louis and Jason compare current W-2 recruiting packages with independent transition economics and the increasingly significant valuations available through RIA and private equity-backed acquisitions. What could shape advisor movement through 2027? (41:34)Compensation changes, retire-in-place programs, RIA valuations and AI emerge as important forces to watch as advisors continue evaluating firms and models. What should advisors ultimately take away from the data? (44:31)The report isn’t intended as a case for changing firms. It’s a way to understand where the industry is heading, what advisors are looking for, and how the competitive landscape is evolving. Key Takeaways Wirehouse movement is elevated on both sides of the ledger. Firms are losing more advisors, but they are also recruiting aggressively, so net headcount is only one measure of what is happening. The four wirehouses are experiencing very different recruiting environments. Wells Fargo and Morgan Stanley were net positive during H1, while UBS and Merrill posted substantial net losses.  Independence is gaining share, but this isn’t simply an independence story. While 46% of departing wirehouse advisors chose an independent model, 54% did not. Regional firms, boutiques, and alternative W-2 models are also attracting meaningful advisor talent.  The movement of large teams may be more meaningful than overall advisor count. Twenty $1B+ teams left wirehouses during the first half of 2026, despite generally having significant resources and leverage at their existing firms. More choice is changing the recruiting equation. More than 200 firms recruited a wirehouse advisor in H1, increasing the likelihood that advisors can find a model aligned with a highly specific set of priorities.  Recruiting economics remain highly competitive. Traditional recruiting packages can exceed 400% of trailing production for select teams, while independent and acquisition models introduce very different ways to monetize and build enterprise value.  AI is becoming part of firm evaluation. Advisors increasingly want to understand how prospective firms are approaching AI, whether through large-scale proprietary investment or the flexibility to select emerging third-party tools.  https://youtu.be/OZrhTf4nfCU Quotable Moments “The number of big teams in motion is probably the more important number than surely just the number of advisors in motion.” — Jason  “These teams that are this size…have the most to lose. What we’re seeing, though…is they flip that logic on its head.” — Jason  “More choice means more leverage for advisors.” — Louis  “Every firm is recruiting…Every firm is clearly losing advisors, some more than others. But the common through line is successful teams…have more credible destinations for their business than ever before.” — Louis  FAQs How many wirehouse advisors moved in the first half of 2026? Across Merrill, Morgan Stanley, UBS, and Wells Fargo, 1,449 experienced advisors left during the first six months of 2026, while 932 joined, resulting in net attrition of 517 advisors.  Are all four wirehouses losing advisors? No. The aggregate numbers mask meaningful differences among the firms. Wells Fargo finished H1 with a net gain of 46 advisors, Morgan Stanley gained 23, UBS lost 182, and Merrill lost 404 on a net basis.  Where are departing wirehouse advisors going? The destinations are increasingly diverse. In H1 2026, 46% chose an independent model, 24% moved to another wirehouse, and others selected regional, boutique, and alternative employee models. More than 200 firms recruited at least one wirehouse advisor during the period.  Are large wirehouse teams also moving? Yes. Forty-one teams managing more than $500mm left a wirehouse in the first half of 2026, including 20 teams managing $1B or more. Twelve of the 41 teams chose another wirehouse, reinforcing that sophisticated teams are evaluating both employee and independent alternatives.  Why do advisors continue to choose wirehouses? For many advisors, the appeal includes brand recognition, familiarity,

With Susie Cranston, CEO, Cresset  |  Kelly Wagman, PhD, Director, Head of AI Strategy, Cresset Cresset CEO Susie Cranston and Head of AI Strategy Kelly Wagman explore the modern family office, AI as a scale enabler, human-led advice, equity, culture, and what Cresset is building next. In Summary What does the modern multi-family office really look like—and how might AI change what it can deliver? Cresset has grown from an idea less than a decade ago into a national wealth management and family office firm with more than $250B in assets under management and advisement and more than 700 professionals. Yet its next chapter isn’t simply about getting bigger. It’s about finding new ways to extend highly customized advice and family office capabilities while preserving the human relationships at the center of the model. CEO Susie Cranston and Kelly Wagman, PhD, Director and Head of AI Strategy, share how Cresset is approaching that challenge. Susie draws on lessons from helping build First Republic’s wealth management business – including the importance of a client-first culture, empowered advisors, and balance-sheet strength – while Kelly explains how Cresset is using AI, integrated data, and firm-specific tools to give advisors greater leverage. The result is a look at a modern family office where technology may expand what advisors can deliver rather than diminish their role—and where culture, ownership, talent, and human advice remain fundamental to the firm’s vision for growth. The Storyline The family office has traditionally been a difficult model to scale. Its value comes from knowing a family deeply and coordinating an increasingly complex set of needs that can stretch from investments and estate planning to family governance, tax strategy, bill pay, household management, and even security. Cresset has invested heavily in that infrastructure from its earliest days. Today, approximately 150 professionals are dedicated to family office services, supporting a broader organization with more than $250B in assets under management and advisement. For Susie, the model also reflects lessons learned during more than a decade at First Republic. She describes how a deeply client-centric culture and empowered client-facing professionals helped create extraordinary loyalty and growth. But the bank’s collapse also left her with an appreciation for the importance of a “fortress balance sheet” and a clearer understanding of the tradeoffs that can come when banking and wealth management coexist within the same organization. Topics Covered What defines a true multi-family office—and why dedicated infrastructure matters How Cresset grew to more than $250B in assets under management and advisement Lessons Susie carried from First Republic to Cresset Why client-first cultures depend on empowering client-facing professionals The importance of balance-sheet strength and business-model structure How Cresset approaches family office wealth strategy and wealth administration Why AI may make sophisticated family office capabilities more scalable How integrated data can improve speed, personalization, and advisor productivity Cresset’s approach to building AI tools versus working with outside vendors Why security, compliance, and data ownership matter in an AI strategy How Cresset thinks about culture, equity, and advisor alignment Equity versus cash when advisors evaluate potential partnerships Independence versus joining a scaled wealth management platform Why AI may increase rather than reduce the value of human advice Cresset’s vision for talent, leadership, and the next decade of the firm > Download a transcript of this episode… Listen and Learn Highlights for Advisors Cresset Today: $250B+, 700+ Professionals and a National Footprint (06:28)Susie describes Cresset today, including its wealth management, institutional consulting, and family office capabilities—and an ownership structure in which employees and clients own approximately 80% of the firm. Lessons From First Republic’s Client-First Culture (08:30)Susie explains why doing what is right for the client—even when it carries a short-term economic cost—can create long-term loyalty, referrals, and a stronger business. She also shares why empowering client-facing professionals was critical to First Republic’s culture. The Hard Lesson: A “Fortress Balance Sheet” (12:19)The collapse of First Republic changed how Susie thinks about financial strength, risk, and the tradeoffs involved when banking and wealth management are combined. Why Cresset—and Why the Independent RIA Model? (14:57)Susie explains what attracted her to Cresset: a client-centric culture, strong balance sheet, and an independent structure capable of serving the increasingly complex needs of ultra-high net worth families. What Does a Real Family Office Look Like? (20:31)With approximately 100 advisors and 150 professionals dedicated to family office services, Susie explains the infrastructure Cresset has built to extend well beyond traditional investment management. AI as a Family Office Scale Enabler (23:53)Susie explains how AI could help extend services such as bill pay and tax support to a broader range of clients and family members—using technology to scale expertise that historically has been difficult and expensive to deliver. The AI Opportunity Starts With Integrated Data (25:22)Kelly explains why Cresset views data as foundational to its AI strategy and how it could support faster answers, more personalization, and more advisor time devoted to clients. Beyond Investments: What Family Office Clients Actually Need (28:15)From estate and tax planning to family governance, household payroll, travel logistics, and security, Susie offers a practical look at the complexity behind comprehensive family office service. Culture, Alignment and the Case for Cresset (33:17)Susie explains why Cresset puts culture first when considering advisor teams or institutional partners—and why ownership and alignment are important parts of the firm’s proposition. Equity as a Currency for Advisor Wealth Creation (36:24)Susie discusses the potential advantages of equity, why Cresset does not require advisors to take it, and why the right answer depends on an advisor’s circumstances and objectives. Joining a Firm vs. Building Your Own (39:14)Susie offers a balanced perspective on independence, including the economics, infrastructure requirements, and a more personal question: How much does an advisor actually want to be their own boss? Cresset’s AI “Sweet Spot” (42:06)Kelly describes Cresset as large enough to invest meaningfully in AI but small enough to remain nimble, allowing it to build firm-specific tools and capabilities around its own data and workflows. Key Takeaways A real family office requires real infrastructure.The term “family office” has become increasingly common across wealth management, but Cresset defines it through dedicated capabilities and people. Its offering extends beyond investments into tax and estate planning, family governance and education, bill pay, household administration, payroll, logistics, and other complex family needs. AI could change the economics of high-touch family office service.Many family office capabilities are expensive and difficult to scale because they rely on specialized professionals. Cresset sees AI as a way to leverage that expertise more broadly, potentially bringing sophisticated services to more members of a family and a wider range of clients. The AI strategy is ultimately a data strategy.Kelly explains that Cresset’s approach goes beyond adopting general-purpose AI tools. Integrated firm data, custom capabilities, build-versus-buy decisions, compliance, security, and thoughtful implementation are central to creating meaningful value for advisors and clients. Human advice may become more valuable—not less.AI can accelerate information retrieval, automate routine work, and increase personalization. But Kelly argues that trust becomes even more important when technology can generate many different answers. The combination of a trusted person working with AI may prove more powerful than either alone. Culture and ownership remain central to Cresset’s growth model.Susie sees culture as a prerequisite for any advisor or firm joining Cresset. Equity can then create another form of alignment by allowing advisors to participate in the enterprise value they help create. Scale should create capability, not simply size.Cresset’s thesis is that its position between very large institutions and smaller independent firms can offer an advantage: sufficient resources to invest in talent, technology, data, and family office infrastructure while remaining nimble enough to put those capabilities to work. https://youtu.be/W9Q5gZ425fs Quotable Moments Susie:“If you always do the right thing for the client, and you’re always delivering the very best you can for the end client, good things happen.” “AI is going to be a tool that really enables that scale.” “Clients are saying they want more human advice, not less, in the world of AI.” “We always say we do culture first no matter what.” Kelly:“Cresset really is at that sweet spot of being big enough to be able to invest in the space, but small enough that we can still be nimble.” “People are better when they’re working with a person who is then working with AI.” FAQs What is a multi-family office? A multi-family office provides coordinated wealth management and other specialized services to multiple ultra-high net worth families. Susie explains that Cresset’s capabilities include investment management as well as estate and tax planning, family governance and education, bill pay, household administration, payroll, travel and logistics, and other services required by complex families. How is Cresset using AI in its family office model? Susie and Kelly describe AI as a way to scale the knowledge and cap