Welcome again to the 320th episode of the Monetary Advisor Success Podcast!
My visitor on in the present day’s podcast is Jim Dickson. Jim is the CEO and Founding father of Sanctuary Wealth, an RIA platform with 80 associate companies in 29 states that collectively oversee almost $25 billion in belongings underneath 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 best way he’s managed all the pieces from hiring and staffing to elevating outdoors 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 know-how, 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 underneath the company RIA of Sanctuary Wealth in order that the practices can preserve 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 have been used to accessing all their information and programs from 1 centralized workstation, Jim and Sanctuary constructed their very own centralized information warehouse known as Haven after which layered a third-party enterprise intelligence software known as Domo on prime so every advisor might 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, as a consequence of a non-compete and non-solicit settlement, took a yearlong journey world wide and alongside the best way 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 number of the companies they associate with as Jim discovered there have been some advisors who needed to take a minimum of a number of chips off the desk or have been fascinated with an “fairness swap” so they might develop with a small piece of a much-larger pie as a substitute of being solely depending on rising their very own, and the way, now that Sanctuary Wealth has remodeled 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 wishes to make sure the groups are usually not solely numerous with expertise however have the fitting folks to maneuver the corporate ahead at its present stage of development and evolution.
And be 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 in search of the autonomy to regulate their shopper, funding, and platform expertise, and most significantly, their very own destinies, why Jim credit his extremely structured each day schedule as the best way he stays disciplined in conducting each day calls with companions, staying in contact with what is going on throughout the platform, and reaching out to advisors who doubtlessly might be part of Sanctuary’s community… whereas nonetheless making the time to be current in his youngsters’ lives and by no means lacking certainly one 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 get pleasure from what they do and actually care concerning the folks the enterprise was constructed to serve.
So, whether or not you’re fascinated 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 prior to now 5 years, or how Sanctuary buildings platform charges and advisor compensation, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Dickson.