Welcome again to the 320th episode of the Monetary Advisor Success Podcast!
My visitor on as we speak’s podcast is Jim Dickson. Jim is the CEO and Founding father of Sanctuary Wealth, an RIA platform with 80 companion corporations 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 exterior investor capital so as to make the investments mandatory to attain 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 wish 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 marketing, 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 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 have been used to accessing all their knowledge and methods from 1 centralized workstation, Jim and Sanctuary constructed their very own centralized knowledge warehouse referred to as Haven after which layered a third-party enterprise intelligence software referred to as Domo on prime so every advisor may get their very own stage of enterprise intelligence and benchmark how their practices are doing.
We additionally speak about why, after 25 years, Jim left the wirehouse world and, on account of a non-compete and non-solicit settlement, took a yearlong journey around the globe and alongside the best way had the belief of the Sanctuary alternative to launch his personal advisor platform to supply the independence and partnership he thought wirehouse advisors actually wished and wanted, why Sanctuary owns a stake in a few of the corporations they companion with as Jim discovered there have been some advisors who wished to take a minimum of a number of chips off the desk or have been fascinated by 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 via the challenges of fast progress when an advisor platform has to rent dozens of individuals yearly and wishes to make sure the groups usually are not solely various with expertise however have the best folks to maneuver the corporate ahead at its present stage of progress and evolution.
And be sure to hearken to the top, the place Jim shares how, regardless of working within the wirehouse world for over 2 many years, he was stunned by how giant the demand for independence is from advisors as increasingly are looking for the autonomy to regulate their shopper, funding, and platform expertise, and most significantly, their very own destinies, why Jim credit his extremely structured day by day schedule as the best way he stays disciplined in conducting day by day calls with companions, staying in contact with what is occurring inside the platform, and reaching out to advisors who probably may be part of Sanctuary’s community… whereas nonetheless making the time to be current in his children’ lives and by no means lacking one among 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 actually care concerning the folks the enterprise was constructed to serve.
So, whether or not you’re fascinated by studying about how Sanctuary differs from different advisor platforms and creates ‘partnered independence’ for its advisors, how Jim has dealt with fast progress and scaling up to now 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.
