Tuesday, December 5, 2023

#FA Success Ep 320: Navigating Hyper-Progress To Obtain Platform Scale For Unbiased Advisors, With Jim Dickson

Jim Dickson Podcast Preview Image FASWelcome again to the 320th episode of the Monetary Advisor Success Podcast!

My visitor on at the moment’s podcast is Jim Dickson. Jim is the CEO and Founding father of Sanctuary Wealth, an RIA platform with 80 companion companies in 29 states that collectively oversee practically $25 billion in property beneath administration.

What’s distinctive about Jim, although, is how he has constructed an RIA platform approaching $25B in AUM in simply 5 years, and the way in which he’s managed every part from hiring and staffing to elevating exterior investor capital so as to make the investments mandatory to realize scale as a center and back-office help platform for unbiased advisors.

On this episode, we speak in-depth about how Jim constructed Sanctuary’s “Partnered Independence” platform for advisors who need to run their very own practices serving HNW purchasers whereas leveraging Sanctuary Wealth’s help system that provides expertise, compliance, observe administration and coaching teams, digital advertising, and even ultra-HNW household workplace help, how Jim created Sanctuary’s distinctive partnership construction the place the advisor practices are their very own LLCs however are additionally IARs beneath the company RIA of Sanctuary Wealth in order that the practices can keep their independence for possession and tax effectivity however depend on Sanctuary for his or her compliance wants, and the way, as a result of many wirehouse advisors had been used to getting access to all their knowledge and methods from 1 centralized workstation, Jim and Sanctuary constructed their very own centralized knowledge warehouse known as Haven after which layered a third-party enterprise intelligence instrument known as Domo on high so every advisor may get their very own degree of enterprise intelligence and benchmark how their practices are doing.

We additionally speak about why, after 25 years, Jim left the wirehouse world and, resulting from a non-compete and non-solicit settlement, took a yearlong journey all over the world and alongside the way in which had the conclusion of the Sanctuary alternative to launch his personal advisor platform to supply the independence and partnership he thought wirehouse advisors actually needed and wanted, why Sanctuary owns a stake in a few of the companies they companion with as Jim discovered there have been some advisors who needed to take a minimum of a couple of chips off the desk or had been occupied with an “fairness swap” so they might develop with a small piece of a much-larger pie as an alternative of being solely depending on rising their very own, and the way, now that Sanctuary Wealth has reworked right into a nationwide partnership, Jim is working by means of the challenges of speedy development when an advisor platform has to rent dozens of individuals yearly and desires to make sure the groups will not be solely various with expertise however have the best folks to maneuver the corporate ahead at its present stage of development and evolution.

And make sure to hearken to the tip, the place Jim shares how, regardless of working within the wirehouse world for over 2 a long time, he was shocked by how giant the demand for independence is from advisors as an increasing number of are looking for the autonomy to regulate their consumer, funding, and platform expertise, and most significantly, their very own destinies, why Jim credit his extremely structured each day schedule as the way in which he stays disciplined in conducting each day calls with companions, staying in contact with what is occurring inside the platform, and reaching out to advisors who probably may be a part of Sanctuary’s community… whereas nonetheless making the time to be current in his youngsters’ lives and by no means lacking one in every of their occasions, and why Jim feels the important thing to success is the relationships he has constructed on the Sanctuary platform as it’s one factor to construct a big agency, however it’s one other to construct it with folks you want and belief who all take pleasure in what they do and really care in regards to the folks the enterprise was constructed to serve.

So, whether or not you’re occupied with studying about how Sanctuary differs from different advisor platforms and creates ‘partnered independence’ for its advisors, how Jim has dealt with speedy development and scaling previously 5 years, or how Sanctuary buildings platform charges and advisor compensation, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Jim Dickson.

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