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The Diamond Podcast for Financial Advisors

The Diamond Podcast for Financial Advisors

De : Mindy Diamond Financial Advisor Recruiter and Consultant
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Launched in 2017 as Mindy Diamond on Independence, the show has taken on a broader perspective beyond the independent space to include topics, insights, and candid conversations around financial advisor transitions, growth, and an ever-changing industry landscape. Each episode is designed to offer objective guidance and actionable advice with some of the industry’s brightest movers and shakers.©2026 Diamond Consultants, Inc. All rights reserved. Direction Economie Finances privées Management et direction Réussite personnelle
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  • The Trust Behind the Transition: UBS Breakaways on What It Takes to Move $1B in a Matter of Months

    The Trust Behind the Transition: UBS Breakaways on What It Takes to Move $1B in a Matter of Months
    Oct 15 2026
    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 rightThe meaning behind the Ox Road name and its connection to humility, service, sacrifice, hard work, and teamworkHow four partners built an integrated team around complementary strengthsWhy partner alignment became one of the hardest parts of the decisionWhen their successful UBS practice began to outgrow the employee modelWhy serving clients better became the team’s “true north”The economics of choosing long-term ownership over a large recruiting packageHow the independence landscape has evolved for billion-dollar wirehouse teamsDiamond Consultants’ role in helping the team understand and narrow the opportunity setThe risks and realities of leaving a non-Protocol firmHow years of client trust contributed to a 93% retention rateWhy they selected LPL Strategic Wealth ServicesHow greater control is changing staffing, technology, marketing, and the client experienceOx 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...
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    52 min
  • Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future

    Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future
    Aug 6 2026
    Ryan Belanger — Founder & CEO, Claro Advisors Most firms are adding AI to existing workflows. Ryan Belanger chose a different path, acquiring a fintech company and rebuilding Claro Advisors around an AI-native platform. He explains why he believes the future belongs to firms that rethink how they operate, not just the tools they use. In Summary Most firms view AI as another technology investment. Ryan Belanger sees it as a business strategy. Louis sits down with the Founder & CEO of Claro Advisors to discuss why his $1.5 billion RIA acquired a fintech company, built an AI-native operating platform, and believes the firms that gain the biggest advantage won’t simply adopt new technology—they’ll rethink how their businesses are built. The conversation also explores the broader philosophy behind that decision. Ryan shares why he’s consistently chosen unconventional paths—from recruiting younger advisors and embracing a partnership model built around ownership to investing in proprietary technology instead of relying on third-party solutions. For advisors, the bigger question isn’t simply how AI will change their workflow. It’s how it may change what it takes to build a durable, differentiated advisory firm. The Storyline Every generation of wealth management has been shaped by a different competitive advantage. For some, independence paved the way to build unique branding and a bespoke client experience. Inorganic growth and M&A gave many firms access to scale and growth. Today, many believe the next advantage will come from artificial intelligence. But simply adopting AI may not be enough. Ryan Belanger has spent his career challenging conventional thinking. He left Morgan Stanley in 2012, well before independence became mainstream. He built Claro Advisors by investing in younger advisors instead of competing for established producers. He embraced a partnership model centered on advisor ownership rather than restrictive employment structures. And when AI began reshaping the industry, he made another unconventional decision: instead of licensing another technology platform, Claro acquired a fintech company and built its own AI-native operating system. Louis explores the reasoning behind each decision and the philosophy that connects them. Ryan explains why he believes proprietary technology will become a defining competitive advantage, how Claro’s AI platform, Claire, is changing advisor workflows, and why the biggest opportunity isn’t replacing advisors; it’s giving them more time to do the work clients value most. The conversation also tackles practical questions facing every advisory firm: how to integrate AI responsibly, where human judgment continues to matter most, and why the firms best positioned for the future may be the ones willing to redesign their businesses instead of simply adding another layer of technology. Topics Covered AI-native advisory firmsAcquiring a fintech versus licensing technologyBuilding proprietary advisor technologyAdvisor productivity and workflow automationRecruiting and developing younger advisors1099 partnership model and advisor autonomyEnterprise building and long-term differentiationAI governance and advisor trustThe future of wealth management technology > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Ryan launch independently long before it became common? (7:30) Ryan explains why leaving Morgan Stanley in 2012 wasn’t simply about independence—it was about creating a better business model while betting on himself. Why recruit emerging advisors instead of established producers? (15:00) Ryan shares why investing in younger advisors has become one of Claro’s greatest competitive advantages and succession strategies. Why would an RIA buy a technology company? (23:45) Rather than licensing another platform, Ryan explains why Claro acquired NDVR to build proprietary technology that could fundamentally change advisor workflows. How does Claire actually help advisors day-to-day? (33:00) From meeting preparation and client follow-up to portfolio management and workflow automation, Ryan walks through how AI is saving advisors meaningful time. Will AI replace advisors—or make them better? (36:30) Ryan discusses where AI belongs, where human advice remains essential, and why he believes technology should enhance – not replace – the advisor relationship. What does the advisory firm of the future look like? (38:20) Ryan shares his long-term view of how AI, proprietary technology, and advisor expectations will reshape wealth management over the next decade. Key Takeaways Ryan believes firms that build AI into the foundation of their businesses will create greater long-term differentiation than those simply adding new software.Claro’s acquisition of a fintech company reflects a strategy of owning core technology rather than relying exclusively on third-party vendors.AI is most valuable when it ...
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    48 min
  • Build, Grow & Transact: From Breakaway to Transaction in 3 Years

    Build, Grow & Transact: From Breakaway to Transaction in 3 Years
    Aug 13 2026
    Patrick Larkin, Partner & Practice Leader, Cerity Partners Three years after launching his independent RIA, Patrick Larkin merged with Cerity Partners—but not because that was the original plan. He explains how ownership changed the way he viewed enterprise value, optionality, and the future of his business. In Summary Going independent is often viewed as the destination. Patrick Larkin discovered it was just the beginning. Louis sits down with Patrick, Partner and Practice Leader at Cerity Partners and former founder of Oak Hill Wealth Advisors, to discuss an unconventional journey: leaving Wells Fargo to build an independent RIA, then choosing to merge that business just three years later. Rather than following a predetermined exit strategy, Patrick shares how ownership fundamentally changed the way he thought about enterprise value. A conversation with a prospective acquirer revealed that buyers weren’t interested in purchasing a book of business—they were looking for a business. That realization reshaped how he invested, hired, delegated, and ultimately positioned his firm for the future. The conversation from our Build Grow & Transact series also offers a candid look at life after a merger, from evaluating cultural fit and partnership to balancing autonomy with the resources of a larger organization. More broadly, it illustrates how ownership creates optionality—and why the most valuable decision an advisor makes may not be the one they originally envisioned. The Storyline After spending nearly 15 years building a successful practice at AG Edwards, Wachovia, and Wells Fargo, Patrick Larkin launched Oak Hill Wealth Advisors in 2022 with a simple objective: build a business on his own terms. Like many advisors, he expected independence to be the final destination for a long time. But then there was the realization that ownership changes more than economics; it changes perspective. And it became the beginning of an entirely different way of thinking. As acquisition inquiries arrived sooner than expected, Patrick realized something that fundamentally changed his strategy. Sophisticated buyers weren’t evaluating his client relationships as a book of business; they were evaluating Oak Hill as an enterprise. That insight shifted his priorities from maximizing short-term profitability to building a business that could thrive beyond its founder. Just three years after launching, Patrick chose to merge with Cerity Partners—not because he was looking for an exit, but because he believed it strengthened the future for his clients, his team, and his family. Louis and Patrick explore what led to that decision, how ownership increased the value of his business almost immediately, why he compares independence to an IPO, and what advisors should consider if they hope to create options for the future—even if they don’t yet know what that future looks like. Topics Covered Building enterprise value versus maximizing annual incomeCreating optionality through ownershipLeaving Wells Fargo to launch an independent RIAWhy buyers value businesses more than books of businessEvaluating strategic partners and acquisition opportunitiesThe economics of independence and business valuationLife after merging with Cerity PartnersBalancing autonomy with enterprise-scale resourcesLeadership, succession, and building beyond the founderLong-term ownership and partnership models > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Patrick decide to leave Wells Fargo? (11:07) Patrick explains why growing frustrations around control, firm priorities, and the ability to build his business eventually outweighed the comfort of staying put. How did going independent immediately change the value of his business? (21:42) Patrick introduces one of the episode’s biggest ideas: why launching Oak Hill felt like taking a company public and how ownership increased the firm’s value almost overnight. Why did Patrick sell only three years after becoming independent? (20:03) An unexpected conversation with a prospective acquirer completely changed how he viewed enterprise value and accelerated his long-term thinking. What separates a business from a book of business? (21:42) Patrick discusses why recruiting advisors, delegating client relationships, and investing beyond himself made Oak Hill more attractive to strategic buyers. Why Cerity Partners? (26:48) Rather than focusing on valuation, Cerity emphasized culture, partnership, and long-term alignment—qualities Patrick says ultimately mattered most. What is life actually like after a merger? (37:57) Patrick offers an unusually candid perspective on autonomy, leadership, and why he says he hasn’t second-guessed the decision once. Key Takeaways Ownership creates opportunities that often aren’t visible until after independence.Enterprise value is built by creating a business that can thrive beyond its founder.The first acquisition ...
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    48 min
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